Some of the most expensive homes in a Staffordshire village have gained thousands of pounds in value as property prices soar. It comes as the housing market across the country has seen growth in expensive house prices, with parts of Staffordshire rising by more than 10% in the past 12 months.
Latest research released by property adviser Savills shows that rising property values continue to be supported by high levels of buyer demand as well as low levels of properties for sale. Analysis shows that in Eccleshall, near Stafford, prices in the top 5-10% of value-rich homes rose by 10.2% over the 12 months.
In properties worth over £2m, prices were up 6.5% year-on-year across the Midlands, still behind the 10-percent nationwide rise, 3%. Furthermore, this figure is still 24% below the market peak of 2007, showing that there is room for further growth in the market.
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Peter Daborn, residential sales manager at Savills in the West Midlands, said: “With the ‘space race’ not yet fully running its course, demand for homes outside of London remains extremely strong. The need for greenery clearly remains a factor and the best in class country homes remain highly sought after.
In Staffordshire, those close to top schools with good links to cities like Birmingham and London do particularly well. While activity levels have slowed slightly in the consumer market, there is still a solid core of unmet demand at the high end of the market, he said.
“For now, this is undeterred by the rising cost of debt, rising cost of living and geopolitical uncertainty triggered by the war in Ukraine. Here, equity trumps equity. debt as a source of funding and much higher levels of disposable income mean that buyers have better protection against macro-economic pressures,” he added.
“With hybrid work models now embedded, a dream move to the country is still on the minds of many buyers. However, we are also seeing many regional cities and towns posting stronger quarterly price growth, suggesting that proximity to local amenities is becoming a more pressing consideration.
“Looking forward, while the imbalance between supply and demand remains a feature of the market, the lack of suitable inventory should rebalance, which should in turn stabilize prices somewhat. As such, the rate of price growth is expected to slow as the year progresses given economic pressures.
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