The demand for properties outside of London has remained strong, according to Jason Tema, director of property developer Clearview Developments.
Tema said: “Although we have always witnessed high demand from house hunters, we can see that the regional property markets have become extremely competitive due to an increasing number of city dwellers looking to relocate.”
Demand for Clearview Developments’ project in Guildford, Bargate House, has seen 50% sold within a timeframe of two weeks, whilst an additional 25% properties have received offers.
ONS: House prices up 8% over year to July 2021
High demand has been registered for Broadwater House; a 14-apartment development in Tunbridge Wells, with prices for properties starting from £375,000.
Additional data by TwentyCi confirmed that there were 2,801 agreed sales in Tunbridge Wells last year, which is the highest number for five years.
Tema added: “With the increasing demand from buyers, we have also noted a stark increase in savvy investors who are shifting their focus from investments in London to housing markets such as Surrey and Kent.
“An unsurprising development as regional housing prices have witnessed a healthy boost and attractive mortgage offerings are available.”
Latest statistics from Rightmove revealed that sold prices in Guildford were up 3% over the last year versus the previous year and 4% up on the 2018 peak of £532,436.
In Tunbridge Wells sold prices over the last year were 11% up on the previous year and 15% up on the 2018 peak of £474,738.