Local Market continues to thrive

14th August 2019

Local Market continues to thrive In spite of the ongoing political turmoil, and uncertainty over Brexit, there's no doubt about the strength of the local housing market. Low supply is continuing to improve sales times, and we have seen small price increases since the start of 2019.
Robinson Hornsby have seen sales increase by a significant 18.3%, year on year (Jan - July) with all parts of the market having good demand. Sales figures are the highest recorded since the 'boom' years of 2006 / 2007, and with average sales prices of around £210,000 its not just the lower value 'bread and butter' properties that we are selling. At present we have property from £80,000 -  £520,000 under offer, and over 70 sales currently awaiting legal completion.
Strongest demand lies in the £150,000 - £200,000 price bracket, with 3 bedrooms been the most popular. The majority of buyers are  looking for houses, with an increasing demand for bunglows. Apartments continue to have limited sales demand, although there is a strong demand in terms of rentals.
Average sales times are around 9 weeks, faster than for several years, although the time from sale agreed to exchange of contracts is increasing (around 10 weeks). This slow down is mainly down to ever increasing levels of necessary enquiries carried out by solicitors, and there's no sign of things improving.
We are now achieving around 97% of the asking price, with little room for any negotiation on the more popular properties. The sooner the sale is agreed, the nearer we get to the asking price.
In spite of a small 'summer slowdown', we fully expect the market to return to strength in September / October, with more listings and increasing levels of buyers, all hoping to move befre the end of the year.