What is going on? Over
the last month, there appears to have been an anomaly in the local property
market, whereby asking prices in the town have dropped, yet property values
have increased. The average asking price of an Aylesbury property, according to
Rightmove, fell 1.2% this month yet the average value of an Aylesbury property rose by 1.1%.
So how does this relate in monetary terms? This anomaly has driven the average asking price of an Aylesbury property
down slightly to £265,300 whilst the average value is now £330,500.
So why the difference? Technically an ‘asking price’ can be any price that a homeowner wants to place his
or her property on the market for. Unfortunately, many times this is done
without sufficient research or rely on inflated valuations. This can result in
overpriced properties that don't sell. As the summer months are normally
slightly quieter those left on the market wanting to sell often temper their
asking prices in these months to try and generate interest in their property.
On the other side of the coin, the property ‘value’ is the price that a willing
buyer is prepared to pay and a willing seller is prepared to sell at. Therefore,
Aylesbury property values are continuing to rise and those homeowners in Aylesbury
who have had properties on the market for a while reduced their asking prices ...
great news for property owners and buyers alike.
In previous articles, I have spoken about the continued
fundamental shortage of property coming on to the market compared to buyer
demand. That is especially true for homeowners wanting to upgrade to a better
house/better location. I can appreciate Aylesbury
home owners are reluctant to put their own property on the market speculatively
and wait for the right property to become available and some high demand
locations can suffer from a property stalemate. Nobody wanting to sell means
nobody putting their property on the market with a view to buying.
Most homeowners don’t want to sell without some idea of what they are
going to buy.
But that’s the beauty of the much maligned English and Welsh
house buying process. You can find a purchaser for your property, then ask them
to wait. By agreeing a sale (subject to contract) before you try to buy sounds
concerning to many, but with fewer properties for sale you need to have a buyer
for your property or you will be treated as a less serious buyer yourself. If
you cannot find the right home for you, you can slow the pace with your purchaser
until it comes along. If nothing suitable does comes along and you lose your
buyer then the worst outcome is that you have to find another purchaser or take
your property off the market and stay put for now. As long as you mention this at
the start they can choose not to commit to any costs until you have agreed your
onward purchase.
However, for the landlord/buy to let investors, these
potential problems are nothing further from the truth. As I write this article,
there are over 130 flats for sale, 96 terraced houses and over 59 semis for
sale in Aylesbury. Landlord/Buy to let
investors can normally pick up some bargains in the autumn months, as sellers
who are selling their homes often have a pressing need and desire to sell before
the year end fast approaches.
The types of houses an Aylesbury landlord typically buys,
are not the same types as the homeowners wanting to move to a posher area of
the town as they are attracted by larger semis and detached properties. The
best types of properties for buy to let are the smaller flats, terraced and
semis (not the big detached ones).
If you are a landlord or thinking of becoming one for the
first time and want to keep in touch with what is going on in the Aylesbury
marketplace sign up for regular posts from http://theaylesburypropertyblog.blogspot.co.uk/
or drop in and see me at 5 Temple Street Aylesbury. ian@mortimersaylesbury.co.uk
 |
| Nala was off for a snooze, howling at the moon all night had not been a good idea. |
No comments:
Post a Comment