Here is the video version of the blog.
This is how the market looked in September, 2019.
There is a greater stock of houses in the price range £500,000 to £1,000,000 with 4 bedrooms, whose average asking price was £784,905 compared to other properties for sale. There were slightly more semi-detached houses than detached prices on the market last month too. Might this suggest that owners are wanting to sell in order to upgrade perhaps to a detached property?
Property stock - what is available?
Compared to 12 month's ago the housing stock has definitely decreased, by as much as 30%. This was especially so for flats (31%) and terraced houses (27%).
Asking prices
If you have found a house that you would like to buy does it represent good value for money? Comparing it with the prices in the tables below will help you to determine if this is the case.
Asking prices have increased for all properties overall by 6%, though flats were the only specific property type to see an increase. They increased by 10% with vendors selling all other property types asking for the same, or less than they were 12 month's ago.
What is selling quickest so where is the demand?
There were 412 properties on the market, in Guildford, over the last 90 days, taking on average 135 days to sell although as many as half of these properties took less than 64 days to sell. Those properties between asking prices of £400,000-500,000 typically spent less time on the market than properties in all other price ranges, once again suggesting that this might be the "sweet spot" regarding affordability.
Three and four bedroom houses tended to take less time than other property sizes. This applied to semi-detached properties especially suggesting a higher demand for 3/4 bedroom semi-detached houses in the £400-500,000 price range.
The time vendors left their properties on the market, when unsold compared to 12 month's ago, seems to have increased suggesting they were prepared to wait longer to secure a sale. This applied especially to vendors selling semi-detached properties.
Sales prices - are these going up or down?
House buyers want to know if prices are decreasing to determine whether it will be wise to wait in the hope that prices will continue to fall; or if prices are increasing sellers are typically waiting to sell their home in the expectation that they may be able to realise more for it and therefore move to a larger home later on.
When comparing the most recent sales prices available, in July 2019 with those 12 month's ago these have all increased, except for flats which fell by 5%. Semi-detached showed the highest sales price increase at 9%.
No of properties sold - are properties selling?
There were dramatically fewer sales in July 2019 compared to July 2018. Semi-detached house sales fell by a substantial 63%, detached house sales by 37% and flats by 35%.
In conclusion the market does appear to have slowed, whether this is down to people's uncertainty about the future of the property market due to political reasons, or not. However people are still managing to buy and sell property, even though it may be taking longer to secure a purchase as there is no doubt some have to move, when life changes for them.
If vendors demand they sell for the highest price, and in the shortest time possible then the only way to achieve this is by pricing their property at a realistic price; presenting it so that it becomes desirable to their market; and by creating an effective marketing strategy.
Receive 5 fresh ideas to achieve this by making contact today.
If you would like 5 fresh ideas on how to sell your property call 01483 320207 or email richard.hodgson@newman.uk.com
In the meantime why not visit https://instantvaluation.newman.uk.com/ to perform an online valuation for your home to discover how much it might be worth in today's market.
All these stats are available at https://www.home.co.uk/guides/house_prices.htm?location=guildford
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