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Strong start keeps growth on the up: what the latest market reports say

General News   |   March 14, 2022   |   Joe Rocks

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Growth in the housing market in Portsmouth, Southsea and nationally has continued to be healthy after the record rises we saw last year fuelled by the stamp duty holiday.

Even though the tax break period has finished, the picture in the first months of 2022 represents one of the strongest starts to a year we have seen for a long while.

Strong demand has influenced all the usual indicators including sales prices, transaction volumes, mortgage approvals and remortgaging activity.

And in the rental market specifically, investors will welcome a 2% year-on-year increase in private rents nationwide with all regions in England reporting a rise in average values.

We’ve posted the latest monthly market report from the analysts at Dataloft which incorporates intelligence from both the Office of National Statistics and the Land Registry.

Prices and transactions

Dataloft’s figures show that over the last 12 months, house price growth in Portsmouth has averaged 4.5% and in Southsea, 6.5%. In both areas, growth over the past five years has averaged 24.7%.

Breaking this down by property type, Portsmouth average prices work out at: £515,417 for detached properties, representing 21.9% of the market; £339,527 for semi-detached, representing a market share of 20.5%; £259,333 for terraced properties, which account for 39.3%; and £169,636 for flats and apartments, representing 18.3%.

In Southsea, the average price for detached properties, 2.7% of the market is £596,776. For semi-detached, which are 6% of the market, the average is £405,519. For terraced, 64% of the market, the average is £263,173 and for flats, 27.2% of the market, the figure is £169,332.

Most transactions in the local market were in the £100,000 to £200,000 price band with the next biggest category being £250,000 to £500,000. London Road in the postcode area PO2 was the street with the most transactions.

Rental market indicators

For lettings, the latest figures for Portsmouth show average house rents of £1,006 a month with flats at £799. Overall rental values went up five per cent over the past 12 months.

In Southsea, lettings currently average £986 a month for houses and £753 for flats, representing a rise of 3.5% in the last 12 months.

In terms of the ages of tenants you can expect, 61% of Portsmouth tenants are aged between 18 and 29, with Southsea registering 73% for the same age group.

On our website we provide further detailed analysis for both Portsmouth and Southsea to help your understanding and decision making when it comes to buying, selling or renting property.

We hope such market intelligence is of help to you if you are considering a residential property transaction or investment.

To discover how Chinneck Shaw can help you as a landlord, visit our ‘Let’ pages. If you are thinking of buying, we have a range of really useful information on our property search pages. And if you are looking to sell a property, we can help you through every stage beginning with a detailed expert valuation. For more information on our support for sellers, visit our sell pages.

You can also stay up to date on trends in the property market by receiving our quarterly newsletter.

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