The market picked up where it left off last year and the average local house price has risen again – up 12.4% year-on-year and up 4% on the previous quarter.
The mix adjusted average purchase price for local market properties now stands at £573,155, which is a record high.
January to March saw the highest number of first quarter local market transactions since 2007; there were 199 property sales in the first three months of this year, which is 36 more than the same period last year.
‘We started the year facing the same challenge as last year, with a shortage of stock across all areas of the market,’ said Local Market director, Andre Austin.
‘Although we saw a rise in interest rates, availability of credit is still very good and there are still plenty of buyers around. When you combine those factors, it is no wonder the market was so buoyant in the first quarter. With a recent rise in rates it will be interesting to see if there is any impact for the remainder of the year.’
On the Open Market, the raw median price (realty only) in the first quarter of 2022 was £1,216,313. There were 26 Open Market transactions over the three-month period in total – eight more than the same period last year. Average residential property prices on the Open Market tend to fluctuate more than Local Market prices due to the very wide ranging sale types and prices, and the small number of transactions.
Alex Stuart, Open Market negotiator, said: ‘We’ve seen a promising start to 2022, with continued high levels of activity for the Open Market. It was a particularly busy quarter for Swoffers, as we sold more than double the number of properties compared to our nearest competitor.’