What Now For Housing Market?

6th October 2021 posted in SELLERS LANDLORDS

As we move into Autumn, change is all around us, and it is fair to say change has been a constant in the housing market this year, and last. With the stamp duty holiday no longer present, it is natural that people are keen to analyse the market, and see what comes next.

If you are looking to move before Christmas, this will be a busy time, but we understand if some households are prepared to wait a bit longer before committing to a move.

At Country Properties, we aim to help you in and around Biggleswade, no matter what move you are keen to make. We know the local market well, and we stay in touch with what is happening nationally.

This ensures you make informed decisions, and if you are looking for any guidance, please get in touch.

How are Biggleswade house prices faring?

According to Rightmove as at the end of September 2021, house prices in Biggleswade are as follows;

Properties in Biggleswade had an overall average price of £322,821 over the last year.

The majority of sales in Biggleswade during the last year were terraced properties, selling for an average price of £273,433. Semi-detached properties sold for an average of £324,353, with detached properties fetching £428,218.

Overall, sold prices in Biggleswade over the last year were 3% up on the previous year and 2% up on the 2018 peak of £318,006.”

How do Biggleswade house prices compare with the national average?

According to the latest study by Zoopla, property prices rose by 6.1% in the past year. This is more than double the rate of annual house price growth experienced in August 2020.

As we can see above, the average sold prices in Biggleswade were 3% higher than they were in the previous year, so it might be that Biggleswade house prices are rising at a slower rate than they are nationally.

This isn’t a bad thing, and it is always helpful to remember that there are many different aims and goals in the housing market.

A vendor who can sell their home and who doesn’t have to buy a new one will be delighted with rising house prices, as long as there are still prospective buyers able to purchase a home.

For everyone else, rising house prices are a big concern, both for vendors looking to buy a new home at the same time they sell their current home, and for buyers.

Gráinne Gilmore, head of research at Zoopla, said: “We expect the market to remain busy compared to historical norms, and for price growth to remain in firmly positive territory at the end of the year, although lower than current levels of +6.1%. Stock levels will start to rebuild in early 2022 as market activity returns to more normal levels.”

The key takeaways provided by Zoopla regarding UK house prices are as follows:

·       There has been an increase of £44 per day in the average value of UK homes in the past six months

·       The UK housing market is currently moving faster than it has in the past five years

·       On average, sales are agreed in less than 30 days

In line with Government guidelines, our Biggleswade branch is open and our and lettings personnel staff are on hand to assist you.  If you have any queries or need advice on property sales and lettings then please call 01767 317799 or email biggleswade@country-properties.co.uk.