According to HMRC figures, residential property transactions stood at 110,990 in March 2022. This is up 18.2% compared to February 2022 but a 36.2% fall compared to March 2021.
This sounds like a negative outcome, but it is essential to consider what was happening in the UK housing market in March 2021. This is when frenzied behaviour due to the stamp duty holiday closing took place. There were many moves at this time, and that figure is a significant outlier.
So, it is not as though the recent figures are a concern; it is a positive movement over a month when you look at the action over a month.
We help you work out what is happening in the housing market
However, it is a reminder that facts don’t always tell the whole story, and you need to look beyond the numbers. If you need help determining the full story in the housing market, Anthony Jones properties are always on hand to assist you.
Kevin Roberts, Director, Legal & General Mortgage Club, comments: “Despite the pressure on borrowers caused by the rise in the cost of living, demand remains high and the overall outlook for the market is strong. This is another clear reminder of the resilience of the current housing market and its ability to weather difficult conditions. Even as the market experiences a healthy spring, the more complicated conditions mean that the role of advice is now more important. Borrowers may well need more support and reassurance to find the right mortgage for their needs. This is an opportunity for advisers to really demonstrate the scope of their expertise and add value, during what will be a pivotal time for their clients.”
How are house prices faring in Darlington?
According to Rightmove as of the end of April 2022, house prices in Darlington are as follows; “Properties in Darlington had an overall average price of £158,307 over the last year.
The majority of sales in Darlington during the last year were semi-detached properties, selling for an average price of £160,235. Terraced properties sold for an average of £116,595, with detached properties fetching £266,585.
Overall, sold prices in Darlington over the last year were similar to the previous year and 5% up on the 2019 peak of £151,475.”
It is interesting to note sold prices in Darlington have been steady over the past 12 months. In many parts of the country, prices have rocketed. This should ensure Darlington appeals to buyers because they don’t have to worry about missing out on significant value.
There is a lot to enjoy about life in Darlington, and the property market offers value for money. With new jobs and development coming to the local area, this is the perfect time to see what Darlington offers. If you want to learn more, we are happy to help.
Contact Anthony Jones for all Darlington property matters
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
