Thinking of Selling in Penrith and the Eden Valley? Read Our Update!
Rightmove’s price index released this week, reports that last month the North West saw an 0.8% rise in house prices and an annual year on year rise of 11.2%. They state that there are signs of the seriously depleted stock situation improving, however the number of available homes for sale is still 40% down on where it was in 2019.
Here Kate Patrick, Head of Estate Agency for H&H Land & Estates, discusses the supply and demand situation and the overall property market for the Penrith and Eden Valley area.
“Here in Penrith and the wider Eden Valley are we are continuing to experience extremely high levels of demand for property, and currently there are no signs of this abating and prices year on year have risen in the region of 10 to 15%. The demand we are experiencing is from both locals and from people outside of the area. Most of the properties we are currently seeing coming to the market I would describe as lifestyle properties, and since the outbreak of Covid these are more highly sought after.
Many people’s priorities changed during the pandemic, and they are wanting to change their lifestyles, either by moving to the countryside for a slower pace or making family a priority and choosing to move in with or to be near them.
There are many reasons that people decide to sell their properties. The main reasons we are hearing from our clients are that they are wishing to downsize, want to relocate to, or away from, a town depending on their needs and lifestyle, or they want to move closer to family. We are also seeing more elderly people looking to move to houses and areas with increased accessibility for them as they become either unable to drive or need to be closer to amenities.
Now that we are in the tourist season, we have been seeing many potential purchasers from outside the area looking at houses and small holdings. This can be those who are already on holiday, and have really enjoyed the area, or have seen a property that they view as their ‘dream home’, causing them to consider relocating, or some people specifically come up to the area on holiday to look at the property market.
Currently the market in the Penrith area is experiencing some considerable buoyancy as many, particularly older homeowners, are looking to downsize or move before winter comes. So, with buyer demands still up 26% on June 2019 levels if you are considering selling, now is a good time to bring your property forward and capitalise on the current market.
As the property market continues to change, the H&H Land & Estates team are here to support and offer advice to anyone looking to buy, sell, or let a property in the north of England and south of Scotland.”
If you are considering selling, then please do get in touch with our Penrith office on 01768 840619 or email [email protected].