Property Update: Residential property sales in rural England boiling over | Lodestone Property

The weather may be changing this weekend, but despite the June stamp duty deadline passing, demand for property in Somerset and Dorset remains red hot!

With house prices rising over 9% (YOY) in the last year, Rightmove reported the busiest ever first half of a year, pushing average price of property coming to market to a new record high; the largest monthly rise at this time of year since July 2007.

Induced by the pandemic’s side-effect of a new focus on what one’s home needs to provide, we’re seeing a different sort of lifestyle is being prioritised. Countryside, larger homes, good size gardens, the space to work from home– are now burning desires.

Whilst properties continue to sell fast, and often above their asking price, there’s still a huge supply gap. 85,000 fewer new listings were entered on to the Rightmove platform in the last 6 months compared to previous years.

We expect that this shortage is fuelled by the reluctance of some sellers to enter the market, with many very much wanting to take advantage of selling their property at a great price, but worrying that they won’t be able to then find their next home.

There is an urgent need for these low stocks of property for sale to be rebuilt in order for price stability to return. Despite this, our confidence in the market remains high.

Should you wish to learn more about our thoughts on the current market, find out what your house could be worth or simply receive advice on the best move for you, we’re here to help.

Contact our teams in Shaftesbury, Wells or Bruton.

Latest data from Rightmove, July 2021. 

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