Thursday, 29 September 2016

What is really happening in the Aylesbury Property Market?

Well it has been a few months since Brexit and as we settle into the Autumn with the Great British Bake Off, Strictly and the Football season ... the newspapers are returning to their mixed messages of good news, bad news and indifferent news about our favourite subject after the weather ... the property market.

The thing is the UK does not have one housing market. Instead, it is a patchwork of mini property markets all performing in a different way. At one end of the scale is Kensington and Chelsea, which has seen average prices drop in the last twelve months by 6.2% whilst in our South East region, house prices are 12.3% higher. But, what about Aylesbury?
Property prices in Aylesbury are 17.3% higher than a year ago and 1.9% higher than last month.
So what does this mean for Aylesbury landlords and homeowners? Not that much unless you are buying or selling in reality. Most sellers are buyers anyway, so if the one you are buying has gone up, yours has gone up.  Everything is relative but what I would say is, if you look hard enough, there are still some good buys to be had in Aylesbury.
However, an important question you should be asking though is not only what is happening to property prices, but exactly which price band is selling? Where is the activity? I like to keep an eye on the property market in Aylesbury on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in Aylesbury.
If you look at Aylesbury and split the property market into four equal sized price bands, each price band would have around 25% of the property in Aylesbury, from the lowest in value band (the bottom 25%) all the way through to the highest 25% band (in terms of value).
·         Nil to £230k                         137 properties for sale and 183 sold (stc) i.e. 57% sold
·         £230k to £300k                  146 properties for sale and 160 sold (stc) i.e. 52% sold
·         £300k to £375k                  156 properties for sale and 119 sold (stc) i.e. 43% sold   
·         £375k +                                 136 properties for sale and 75 sold (stc) i.e. 35% sold
Perhaps not surprising that it is the lower Aylesbury market that is doing the best? Investors are still active and first time buyers are taking advantage of some great mortgage packages.
The next few months’ activity will be crucial in understanding which way the market will go but people will always need a roof over their head
And why? Because Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash. ... there is always a silver lining when it comes to the property market! Give me a call 01296 398555 or pop in when you are passing to discuss your investment plans.