The Wellingborough Property Market continues to disregard the
end of the world prophecies of a post Brexit fallout with a return to business
as usual after the summer break.
The challenge every Wellingborough property buyer has faced over
the last few years is a lack of choice – there simply hasn't been much to
choose from when buying (be it for investment or owner occupation). Levels are
still well down on what would be considered healthy levels from earlier in this
decade, as there is still a substantial demand/supply imbalance. Until we start
to see consistent and steady increases in properties coming on to the market in
Wellingborough, the market is likely to see upward pressure on property values
continue.
However, there may be hope for first time buyers, with
homeowners looking to move upmarket and buy to let landlords looking for their
next investment, the Wellingborough property supply crisis just might be
starting to ease, as the number of new properties coming onto the market in Wellingborough
has increased.
For example, last month NN8 saw 115 new properties coming on to
the market, not bad when you consider for some months in the last year the
average has been as low as the 60’s. With the average Wellingborough property
value hitting a record high, reaching almost £192,500 according to my research,
this shortage of properties on the market over the last two years has
contributed to this ‘fuller' average property figure, but there is a glimmer of
hope that the Wellingborough's supply crisis may be starting to ease.
As I write this article, 1.16% of Wellingborough properties are
up for sale. In terms of actual chimney pots, that equates to 184 properties on
the market in Wellingborough (within 2 miles of the centre of Wellingborough) –
which, when compared to only a year ago when that figure stood at 164, is a steady
increase in the number of properties available to buy. Split down into the type
of property, it makes even more fascinating reading...
·
Detached Properties in Wellingborough - 39 on the market a year ago compared to 54
on the market now – an increase of 38%
·
Semi Detached Properties in Wellingborough - 44
on the market a year ago compared to 55 on the market now - an increase of 25%
·
Terraced Properties in Wellingborough - 28 on
the market a year ago compared to 31 on the market now - an increase of 11%
·
Flats / Apartments Properties in Wellingborough - 49 on the market a year ago compared to 33
on the market now – a decrease of 33%
This is evidence of strength in the Wellingborough housing
market that many didn't expect. Many believed that the Wellingborough property
market wasn't going to be strong enough post Brexit - as what was a sellers'
market before the Brexit vote and Buyers' market in the early months after it,
may now be somewhere in between and the market might just be coming back into
balance.
However, all this will mean property values won't continue to
grow at the same extent they have been over the last 12 to 18 months, and in
some months (especially on the run up to Christmas and early in the New Year),
values might dip slightly. This won't be down to Brexit but a re-balancing of
the Wellingborough Property Market – which is good news for everyone.
For more thoughts on the Wellingborough Property Market, please
visit the Wellingborough Property Blog http://wellingboroughpropertyblog.blogspot.co.uk/
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