Buyer Appetite Prevails

Key Statistics

The housing market to date in 2022 has proved immune to the wider economic issues that are making the daily headlines. The market is busy and the desire to move remains on the agenda for many. However, the question being asked now is when, not if, the market will start to calm after the latest interest rate increase to 1%.

The South East Premium Market

Demand in the market remains high, a survey for Nationwide indicating that over 35% of those in the region were currently in the process of moving or were considering doing so. While new instructions to the market have risen marginally, they have failed to keep pace with buyer appetite. Rightmove report there are twice as many buyers as properties for sale in the market, with all regions seeing the amount of stock-to-purchase running low. Year-on-year, 9.8% fewer properties were available to sell across the South East in the first quarter. There was less than two months’ of stock left to sell, compared to a historical norm of around four months (TwentyCi).

Prices Remain Firm

Despite the wider economic challenges, the scarcity of properties to purchase has meant that competition has been high and this has acted to sustain prices for sellers in the market. More than half of properties are currently selling at or above initial asking price, with properties sold subject to contract (SSTC) in record times. At 34 days, the average time taken to sell a property (SSTC) in the South East during March is the quickest on record (Rightmove). Month-on-month and year-on-year, prices remain on an upward trajectory. For only the second time ever recorded, asking prices across all regions and all sectors of the market rose in March, although the rate of monthly price increase is slowing (Rightmove, UK HPI). The latest data from the UK House Price Index indicates annual property price growth in the South East is 12.0%. Although the rate of annual growth across the region’s prime markets has calmed to 7.3%, this is against the backdrop of significant rises over the past year.  

Across England, Zoopla estimate price inflation over the past two years has pushed 3.5 million homes into a higher rate stamp duty bracket. An additional 280,000 properties have paid the 10% rate of tax eligible on a purchase price of £925,000, and an additional 70,000 were eligible for 12% tax on properties priced more than £1.5 million.

Click here to read the full F&C Summer Housing Market Report: South East

Properties for sale in the South East region

Southampton, Hampshire, 4 bedrooms

This Grade II Listed thatched cottage dates back to 1610, the picture-perfect plot offers just over 1 acre of serene surrounds. Both the light-filled sitting room and dining room are nestled under timber beamed ceilings and boast gorgeous exposed brickwork. An abundance of windows provide views over the garden while also enhancing the bright and airy feel of this cosy interior.

Canterbury, Kent, 12 bedrooms

This magnificent Grade II Listed residence is surrounded by 3.45 acres of gardens, grounds and paddock. In 2005 a superb renovation and conservation project was undertaken to restore, extend and enhance the property to provide a truly luxurious home. As you sweep through the electronic wrought iron gates onto the long, tree lined driveway you glimpse the Flemish gables and mellow brick facade that gives the house such charm and character.

Fringford, Oxfordshire, 6 bedrooms

This individual stone-built detached family home, with generous accommodation, is arranged over three floors, offering further scope for reconfiguration, and extension, occupying an extensive plot of just over 4.5 acres of private gardens and fenced paddocks. Approached over a gravel driveway Fringford Cottage has a double garage with a storage room above, a stable block with three stables, a tack room, and a garage/storeroom.

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