Homebuyers face record high prices this spring, with the average cost of a home surging by almost £ 7,000 in the space of a month.
Average asking prices for sellers hit a new high of £ 327,797 in April, according to Rightmove, an increase of £ 6,733 or 2.1% month-on-month in the UK.
As Covid continues to shake up working life, Cambridgeshire homes are among those that families are eyeing in numbers.
Director at Cheffins, Cambridge-based real estate agent, Richard Freshwater said: “On average, every home we put on the market right now receives over 40 requests to view, all from buyers who are able to relocate.”
A popular example was a five bedroom house in the village of Great Shelford, which had 27 visits in just over a week, 12 offers and ultimately sold for well above asking price.
These “top-of-the-ladder” properties have experienced similar value jumps for small urban residences.
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The average asking price for larger houses – houses and apartments with five more bedrooms, or detached four-bed properties – has jumped by more than £ 18,000 per month, from £ 571,983 in March to £ 590,293 in April.
People are also capturing the properties they want at record speeds.
In the first two weeks of April, realtors were marking homes as sold in 45 days on average, and almost one in four (23%) properties that closed in March had been on the market for less than ‘one week.
These two numbers were the highest ever recorded by Rightmove.
The recent extension of a stamp duty holiday, the return of some low deposit mortgages, optimism about the coronavirus vaccination rollout and the shortage of properties for sale have boosted house price dynamics, Rightmove said.
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Strong demand from Haddenham
One property that is certainly on the upper rung of the ladder is Porch House in Haddenham, on the market for £ 1,100,000.
Considered to date from the early 1600s, the Grade II listed house has always been highly regarded; in fact, it was mentioned in Pevsner’s guide to architecture in Cambridge as the best house in the village.
With five bedrooms, three reception rooms, two kitchens, garden furniture and a traditional orchard with apple, pear, green plum, plum and cherry trees, The appeal of Porch House is evident.
But Cheffins says the star of Haddenham is rising more generally.
Sales agent and partner Chris Hancock said, “Ely and the surrounding villages are seeing constant demand from buyers at all price points.
“As the demand for real estate outside of London continues to outstrip supply, we are experiencing high levels of inquiries for the majority of properties entering the market.”
“Local downsizers cashing in on more expensive properties in Cambridge to buy nice period homes in central Ely,” are some of the current players in the market, he said.
As well as “first-time buyers looking to make the most of the new affordable developments being built around the city and in the villages.”
“These buyers are now competing with those leaving London as COVID has made it possible for many to work from home, which means the suburban belt has now extended far beyond Cambridge.”