Agents report the sales to stock ratios across the South East and South West are at their highest level in five years (RICS). At 3.8%, the annual rate of housing stock turnover across the Isle of Wight, Dorset, Hampshire and Wiltshire is above the UK average. Levels currently exceed 4% in the most active markets.
Although new instructions to the market have improved slightly in recent weeks, demand continues to outpace supply, placing sustained pressure on prices. Month-on-month average property prices are rising in all regions of the UK.
Year-on-year price growth across the South East and South West is substantially stronger than the 1.9% and 2.5% respectively recorded this time a year ago (UKHPI). Double-digit annual price growth is evident in five local areas across the Southern region.
Market activity is fast-paced. According to Rightmove, the average time taken to sell a property is 43 days in the South West and 47 days in the South East. The proportion of properties selling within their first week of listing is at a record high (Zoopla) and the average time taken to sell a property in the UK is nearly three weeks quicker than in April 2019 (Rightmove). Lifestyle change continues to drive demand, buyers also aided by the extension of elements of tax relief and the new 95% government-backed mortgage guarantee scheme, available on either new or resale properties.
A three-bedroom detached house sitting on a 0.35-acre plot in a prime position in the village of Littleton. This home has planning permission to renovate and extend into a substantial property with four bedrooms, four bath/shower rooms, an open-plan kitchen/sitting/dining room, snug, games room, boot room and downstairs shower room. There is also a large rear garden and good driveway parking to the front.
Built in 1979 by a reputable local builder, Heron Ridge is situated on Timber Hill, a desirable residential area on the Eastern edge of the town. One of four individual homes set off a private drive, the bungalow, finished with Portland Stone and rendered elevations border the 18th tee of the Lyme Regis Golf Club and is within walking distance of the popular clubhouse. Recently the property has been subject to many tasteful improvements, having been updated and remodelled to create a modern, bright contemporary home.
Award-winning, charming, and beautifully presented, this cottage has undergone rebuilding and restoration by the current owners to a high specification. Nestled in the heart of the village, it has been sympathetically updated and modernised throughout. Heath Cottage was built in 1855, is Grade II Listed and proudly sits opposite the church in this highly sought-after location. The 0.32-acre plot enjoys distant countryside and sea views, too.
Take advantage of the seller's market this summer with the best agent in your area. Contact your local Guild Member today.