Wednesday, 19 October 2016

Loughborough Housing Crisis? Only 2.4% of Loughborough Homes Are For Sale



The Loughborough 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 Loughborough 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 Loughborough, the market is likely to see upward pressure on property values continue.

For example, in the last couple of months, LE11 has seen an average of 115 new properties coming on to the market, not bad when you consider for the last year the average has been as low as in the early 70’s. With the average Loughborough property value hitting a record high, reaching almost £227,600 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure.

As I write this article, 2.43% of Loughborough properties are up for sale. In terms of actual chimney pots, that equates to 429 properties on the market in Loughborough (within 3 miles of the centre of Loughborough) – which, when compared to only a year ago when that figure stood at 469, is a slight decrease in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading...
 
·         Detached Properties in Loughborough  - 175 on the market a year ago compared to 157 on the market now – a decrease of 10%
·         Semi Detached Properties in Loughborough - 122 on the market a year ago compared to 85 on the market now – a decrease of 30%
·         Terraced Properties in Loughborough - 82 on the market a year ago compared to 77 on the market now – a decrease of 6%
·         Flats / Apartments Properties in Loughborough  - 52 on the market a year ago compared to 76 on the market now - an increase of 46%

This is evidence of strength in the Loughborough housing market that many didn't expect. Many believed that the Loughborough 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 Loughborough Property Market – which is good news for everyone. 

If you would like to discuss the Loughborough property market or chat about any potential investment please feel free to call me on 01509 260777 or email me james.loughborough@belvoir.co.uk 
 

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