For a typical buyer, that’s about £150 a month more than in January. As a result, sales agreed are down 9% on last year and there are 5% more homes for sale.
Unsurprisingly, those national ripples are being felt right here in Newark and Southwell. So, what does this shifting landscape mean for our local property market?
On the market pricing: Looking at September’s £/sq.ft statistics
The average property in Newark is on the market for £222 per square foot (last month £225 per sq.ft) and £323 per square foot in Southwell (last month £322 per sq.ft), a figure representing the current heartbeat of our local property market.
That doesn’t mean Newark and Southwell house prices have changed by that amount, just the mix of properties for sale, thus changing the £/sq.ft figure.
This snapshot is crucial for Newark and Southwell homeowners and landlords; it’s not just a number but a story of our community’s property market.
How is this impacting what homes are actually selling for?
Newark remains steady and good value. Land Registry recorded 503 completed sales in Newark (NG24) over the past year, and prices have held steady.
Terraced houses sold for an average of £172,316, semis for £217,154 and detached homes for £312,530. The typical sale price has stayed between £189,000 and £225,500 from month to month.
The national average across all homes is £298,441, so Newark is still very good value. That appeals to first-time buyers and to people moving from more expensive areas.
Southwell and the villages – premium but price-sensitive.
Southwell (NG25) is still our most expensive market. Across 70 sales, detached homes averaged £512,716 and semis £335,943.
In the NG23 villages, including Collingham, two-thirds of the 118 sales were detached homes, at an average of £449,798.
Prices in both areas have eased over the year, though. Because there are fewer sales here, single months can swing a lot, but the overall message is clear: buyers at the top end are watching their budgets closely.
What this means for buyers and sellers
Our view is that this isn’t a market in trouble. There are still plenty of buyers, but buyers have more choice. That makes realistic pricing increasingly important.
The properties attracting attention are generally the ones that look sensibly priced and professionally presented. Buyers are paying more for their mortgages and have more homes to choose from. If you start too high, you’re likely to end up reducing the price later, and buyers notice.
Patience matters too. With buyers facing expanded choice, overpricing is the primary cause of listing stagnation. Good homes still sell, but seldom overnight.
Well-presented properties close to Newark Northgate or Newark Castle stations are typically finding buyers within ten to 12 weeks.
For Southwell and surrounding villages, the average time spent on the market stretches closer to 14 to 16 weeks.
Village properties require a slightly longer runway because buyers are often relocating for lifestyle reasons, carefully weighing up local amenities, school catchments, and home-working setups before committing.
