Bedfordshire Market Update April 2022

An overview of the property market in Bedfordshire

Properties in Bedfordshire had an overall average price of £340,159 over the last year. The majority of sales in Bedfordshire during the last year were semi-detached properties, selling for an average price of £326,370. Terraced properties sold for an average of £269,621, with detached properties fetching £501,950. Overall, sold prices in Bedfordshire over the last year were similar to the previous year and 8% up on the 2019 peak of £314,356.

This unprecedented price level is being stoked by the greatest imbalance between buyer demand and the number of properties available for sale that we have ever measured at this time of year. This is the strongest spring sellers’ market that we have ever seen in several metrics. Tim Bannister, Rightmove’s Director of Property Data comments: “There’s a hat-trick of reasons for home-owners to follow the normal trend and make it their goal to sell this spring. Firstly, the potential to achieve a record price for their property.

“Secondly, the imbalance between high buyer demand compared to low available property supply is the greatest that we have ever seen for the start of a spring market, meaning that the chance of being able to pick and choose between several suitable buyers is strong. Thirdly, the proportion of properties finding a buyer within the first week is also at an all-time high for this time of year, so sellers with an appropriately priced and well-presented property can expect a shorter marketing period than the norm. Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last.”

There are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand that we have ever recorded at this time of year. The speed of the market is further demonstrated by the fact that are there more than one in five (22 per cent) deals being agreed on Rightmove within the first week of being marketed.

This is double the figure for the same period in the more normal market of 2019. Almost half, 47 per cent, are having a sale agreed within the first fortnight, another indicator of high demand and the likelihood of finding a buyer quickly. While these unprecedented numbers are helping to drive prices to new records, they do also show that there are a number of properties that will remain on the market after this time and that may benefit from a price reduction.

Bedfordshire-real-house-pricesCOMMENT

The Bedfordshire property market, whilst not the most active in the country, seems to be benefiting from sustained growth, with very little evidence that this will change. This is very good for confidence, which adds to the sustainability of the growth.