2017 has started with some positive interest in the Loughborough
property market. Taking a snap shot of
the Loughborough property market for the first quarter of 2017, the picture suggests
some interesting trends when it comes to the number of properties available to
buy, their asking prices and what prices properties are actually selling for.
Let us first consider the number of properties for sale,
compared to 12 months ago:
Type
of Loughborough Property
|
Number
of Properties on the Market 12 months ago
|
Number
of Properties on the Market now
|
%
change
|
Detached
|
134
|
114
|
-15%
|
Semi
|
83
|
88
|
+6%
|
Terraced
|
79
|
54
|
-32%
|
Flat
|
53
|
58
|
+9%
|
So when we add in building plots and other types of
properties that don’t fit into the four main categories, that means there are 343
properties for sale today compared with 382 a year ago, a drop of 10%.
Next, Loughborough
asking prices, compared
to the same as
a year ago, are 9% higher.
With that in mind, I wanted to look at what property was
actually selling for in Loughborough. Taking my information from the Land
Registry, the last available six months property transactions for LE11 show an
interesting picture (note the Land Registry
data is always a few months behind due to the nature of the house buying
process and so November 2016 is latest set of data). The price shown is the
average price paid and the number in brackets is the number of properties
actually sold.
Jun-16
|
Jul-16
|
Aug-16
|
Sep-16
|
Oct-16
|
Nov-16
|
|
Detached
|
£272,186 (18)
|
£258,150 (25)
|
£268,929 (21)
|
£258,068 (25)
|
£285,222 (18)
|
£325,900 (16)
|
Semi
Detached
|
£176,456 (25)
|
£188,539 (19)
|
£165,542 (25)
|
£172,667 (24)
|
£176,610 (19)
|
£165,388 (21)
|
Terraced
|
£164,273 (20)
|
£131,645 (25)
|
£142,352 (25)
|
£132,227 (22)
|
£129,476 (19)
|
£136,184 (19)
|
Flat
|
£120,750 (6)
|
£76,250 (2)
|
£106,500 (7)
|
£73,200 (5)
|
£85,667 (3)
|
£98,000 (7)
|
All
|
£193,053 (69)
|
£189,853 (71)
|
£180,645 (78)
|
£182,509 (76)
|
£189,942 (59)
|
£189,857 (63)
|
So what does all this mean for the property owning folk of Loughborough?
Well, with less property on the market than a year ago and asking
prices 9% higher, those trying to sell their property need to be mindful that
buyers, be they first timers, buy to let landlords or people moving up the Loughborough
property ladder, have much more price information about the Loughborough property
market at their fingertips than ever before.
Those Loughborough people who are looking to sell their property in
2017, need to be aware of the risks of over pricing their property when
initially placing it on the market. Over the last 12 months, I have noticed the approach of a few Loughborough
estate agents is to suggest an inflated asking price to encourage the homeowner
and secure the property to sell on their books. The down side to this is that
when offered to the market for the first time, buyers will realise it is
overpriced and wont waste their time asking for a brochure They won’t even
view the property, let alone make an offer. So when the price is reduced a few months later, the property
has become market stale and continues to be ignored.
Whilst the Loughborough
property-market has an unassailable demand for property – there is one saying
that always rings true - as long as the property is being marketed at
the right price it will sell.
If you want
to know if your Loughborough property is being marketed at the right price,
send me a web link and I will give you my honest opinion.
If you would like to discuss the Loughborough property market or chat about any potential investments please feel free to call me on 01509 260777 or email james.loughborough@belvoir.co.uk
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