Seller's Paradise: London leads the charge for biggest sold value boosts

While it seems like sold prices across England and Wales have slipped by -1.1% in the last year when compared to the previous months, research by estate agent comparison site, GetAgent.co.uk, has disclosed that the nation’s top-performing pockets of the property market have continued to see sellers achieve figures in the thousands of pounds.

The study by GetAgent analysed individual sold price records for every property transaction recorded spanning across England and Wales over the last months, and how this market performance compares to the previous months.

Take a look at these stats

Looking at the figures between June of last year and May this year, the average seller across England and Wales achieved £267,000 when heading to the market and while this remains a strong price attained, it is marginally lower than the previous 12 months (-1.1%) when the nation was first gripped by the pandemic property market boom.

The bright side of the pandemic’s impact is that buyer preference is clear. Demand for larger homes and more outdoor space has caused the price paid for a detached home to be pushed up by 6.3% in the last year.

Both semi-detached homes (+2.9%) and terraced houses (+3.3%) have also seen an increase, while the price achieved for the average flat across England and Wales has fallen by 6.4%.

Co-founder and chief executive officer of GetAgent.co.uk, Colby Short, commented: “The property market is still standing tall despite the wider economic instability facing the nation and, while sold prices may have softened slightly over the last 12 months when compared to the initial year of the property market boom, there remains a wealth of areas where sellers are still seeing the price achieved climb ever higher.” 

“The impact of the pandemic also remains clear, with larger homes performing far better than flats when it comes to the price buyers are willing to pay. However, we’re also starting to see a reversal of some pandemic property trends, most notably, the improving health of the London market.”

Short concluded: “Although the capital hasn’t benefited to the same extent as the rest of the UK where pandemic house price performance is concerned, it has seen some of the largest boosts in sold price values over the last year which suggest that buyers are starting to return, and demand is on the up.”

London, outperforming

Signs that the London market has remained largely subdued during the pandemic are now on the turn. The nation’s capitals’ sold prices have crept up by 1.5% over the last 12 months and are the only region to see an increase other than Wales (+2.8%).

London also accounts for 11 of the 20 top areas that have experienced the largest monetary boost to the average sold price achieved.

Sellers in Kensington and Chelsea have reaped the rewards since, over the last 12 months, they have achieved £60,000 more than they did during the duration of the last year – the largest increase in England and Wales, followed by Richmond coming in at £59,950.

Also making the top 20 performing areas are Barnet, Harrow, Brent, Kingston upon Thames, Hounslow, Hillingdon, Ealing, Haringey and Barking, and Dagenham.

Outside of London, and completing the top five largest increases, are Adur (£40,000), Elmbridge (£40,000), and Seven Oaks (£40,000).