With rapidly increasing housing supply in the UK’s rural areas, industry experts see a return to a “more traditional” market.
Stronger Pipeline of Supply in Rural vs. Urban UK Markets
A newly released report by Knight Frank indicated that the number of new property listings in Wales and England jumped +19.2% between January and April of this year.
In contrast, new listings in London increased +5.7% during this same time period.
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Countryside Owners Now Wanting to Leverage Hot Market
“A stronger sense of seasonality in more rural areas will have contributed to supply rising more quickly in the first few months of the year,” wrote Tom Bill in Knight Frank’s latest report. (Bill is the head of UK residential research with Knight Frank. “It’s also likely that in urban centers like London, sellers are less motivated by concerns over peaking property prices after weaker growth during the pandemic.”
Chris Druce, Knight Frank senior research analyst, told MansionGlobal,“We got to this position where a lot of country buyers held off listing their properties…now, we finally feel…this change of mood in the UK economy, which has meant that a lot of sellers have said, ‘If I’m going to put my house on the market, this is the time.'”
Druce believes that both prices and demand for countryside properties in the UK will moderate by the end of 2022. “…it will be more like a traditional market for the prime market.”
London’s Housing Market Stands Alone
As is typical, London’s housing market tends to stand alone among its regional counterparts. Demand in central London remains weakened by pandemic pressures. But, Knight Frank’s industry experts expect growth to gradually return to the city center.
“We’ve seen very strong growth in what we call prime outer London, suburban markets that offer space and greenery,” said Druce. “There are some signs that that’s moderating a little bit, while the area that really hasn’t had its day in the sun yet has been the central London market.”
The Knight Frank team expects the central London market to outperform all UK markets over the next five years. For now however, the company’s forecast for central London during 2022 is set for +3.5% growth.
Druce said, “It’s (the central London market) going to be slightly delayed but next year we’re expecting to be quite a strong year compared to other markets.” International buyers will obviously contribute to central London’s “strong year” in 2023.
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Thanks to MansionGlobal and Knight Frank.
