A Salford estate agent has cited a major increase in demand for housing in the area for a sharp rise in house prices.
The Peter Anthony estate agents branch in Salford has said there are “too many buyers and not enough houses” in Salford, which has led to bidding wars on those properties available and an increase in prices as a result.
House prices in the UK as a whole saw an increase of 10.9% in the last year according to Nationwide in their report for May 2021.
The average house price in the UK rose by £23,930 compared to last year, when activity in the housing market slowed down severely due to the ongoing pandemic.
“The market has seen a complete turnaround over the past twelve months. A year ago, activity collapsed in the wake of the first lockdown with housing transactions falling to a record low of 42,000 in April 2020. But activity surged towards the end of last year and into 2021”
Rising house prices are nothing new for Salford; prices in Northern England have been rising at higher rates than in the south since Q1 2017 and before the pandemic, M.E.N listed Eccles as having the third highest rising house prices in Greater Manchester.
In addition to the dramatic rise in prices, Nationwide noted what they dubbed a ‘race for space’, with an increased demand for houses with gardens and outdoor spaces:
“Of those moving or considering a move, around a third (33%) were looking to move to a different area, while nearly 30% were doing so to access a garden or outdoor space more easily”
“Consistent with this, the majority of people are looking to move to less urban areas, with this preference particularly pronounced for older age cohorts”
The full report for May 2021 can be found on Nationwide’s website under the House Price Index section.
Featured Image: Matt from Manchester, England, CC BY 2.0 <https://creativecommons.org/licenses/by/2.0>, via Wikimedia Commons.