Market Update – November 2014
Your up to date property market report from Mr Green.
Property prices for all property types has increased across the year, with the major price increases being seen in houses and a non inflation beating 1% gain in flat prices. There are more details to go in to than simply these brackets, but gives a fair reflection of property in local area.
Transaction volumes are down for the higher priced properties in the postcodes and this has in part caused the increase in prices felt in those property types across the year. If there becomes more choice for buyers in these property types next year it could mean prices settle. We’re seeing signs of this happening now with there being fewer buyers in the market during November when compared to June, July and August.
As you can see from the above, as asking prices starting rising this year there was a big surge in asking prices in the 4-bed detached housing bracket but a general consistency below that figure and a drop then levelling out for houses with more than 4 bedrooms.
The year has been positive with prices now at a higher level than 12 months ago. One note of caution when looking forward is that the increase is likely being held up due to the low level of supply across the board of semi-detached and detached houses. If this supply increases or even if there is a slight drop in demand, this will likely see those prices level off.
There are already signs of this happening in October with there being a small drop in buyer enquiry levels that has caused a big shift in offer amounts and volume when compared with the three months prior. We’ve gone from offers averaging 101% of asking prices being offered to 96% of asking prices being achieved.