Sunderland, Dundee and Stoke On Trent see sharpest rise in house sales

Local mini-housing booms revealed! Sunderland, Dundee and Stoke-on-Trent have seen the sharpest rise in property buys

  • Housing activity has increased as pent-up demand from lockdown has released
  • Sunderland saw biggest rise in number of housing transactions, up 91.3%

The locations with the biggest jump in housing transactions during the pandemic have been revealed.

They include Sunderland, Dundee and Stoke-on-Trent, according to the exclusive figures by Lloyds Banking Group.

It found that Sunderland saw the biggest rise in the number of transactions, up 91.3 per cent in the three months from June to August, compared to the first three months of this year.

It is followed by Dundee at 71.4 per cent and Stoke-on-Trent at 70.8 per cent. The data is based on its own mortgage lending. 

This three-bed semi-detached house in Hawksley Grange, Sunderland, is for sale for £150,000 

Pictured: The map shows the biggest jump in housing transactions during June to August compared to the three months at the beginning of this year

All three of the areas are some of the most affordable places to live in the country.

It suggests the sharp percentage increases could well be from a low base, with demand to live in these areas being lower than elsewhere in the country.

Average prices in these areas are lower, in some cases less than half the national average of £308,813.

The typical value of a home in Sunderland is £147,644, with Dundee and Stoke-on-Trent at £168,296 and £153,458 respectively.

This three-bed semi-detached house in Northwood, Stoke-On-Trent, is for sale for £150,000

It comes as most areas in the country are experiencing a mini-housing boom following drastic measures to prop it up amid the coronavirus pandemic – including a cut in stamp duty.

Property prices across Britain rose 2 per cent in August from the previous month, boosted by pent-up demand following the lockdown, according to Nationwide.

It said prices recovered from a recent dip to reach a new all-time high in August. The lender said the increase marked the highest monthly rise since February 2014.

The trend is in sharp contrast to predictions for next year, with estate agent Hamptons International forecasting that house price growth will be brought to a standstill across Britain.

Hamptons’ forecast of zero growth in 2021 is based on the assumption that a trade deal is agreed with the EU and a coronavirus vaccine becomes available in the first half of next year, with no full second lockdown.

Hamptons said the housing market has made a rapid recovery since the lockdown, and it expects prices to have increased by 2 per cent this year.

It said the economic consequences of the pandemic will be mostly felt in 2021, and that some economic recovery should have already taken place by then.

This two-bed flat in Dundee, is on the market for offers over £160,000

The Lloyds’ research found that the places with the biggest increase in housing transactions over the summer also included Chelmsford, Plymouth and Liverpool.

Also in the top 10 are Gloucester, Hull, Chester and Leicester, with a total of 45 locations in the total list (see below).

It only included those locations that had more than 30 transactions – as processed by Lloyds Banking Group – during each three month period.

Andy Bickers, mortgage director, Lloyds Bank, said: ‘In the past couple of months, the housing market has experienced an unprecedented “mini-boom.”

‘As well as pushing house prices up, market activity has also increased as pent-up demand over the lockdown period has released.

‘In Sunderland, this has resulted in a 90 per cent increase in transactions between January to March 2020 and June to August 2020, and more than a 70 per cent increase in Dundee and Stoke-on-Trent across the same time period.

‘Although much of this will be helped by the fact these areas are more affordable in the first place, the future impact of the pandemic on earnings could potentially exert downward pressure on the entire market.’

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