Aylesbury home sellers desert the housing market.

Even though the housing market is in an upbeat state in many parts of the UK, getting on the property ladder is still challenging for many and regarded as unattainable by some.  However, that goal has become even worse recently in Aylesbury as the number of houses available to buy is at an 8 year all-time low.

Back in winter 2007, there were over 1,600 properties for sale in Aylesbury and since then this has steadily declined year on year, so now there are only around 350 for sale in the town.  This continuing diminishing supply of housing has been happening over those years for a while and there simply are not enough properties in Aylesbury to match demand.

A recent report by the National Association of Estate Agents said, “There are now 11 house hunters fighting after every available house which isn’t sustainable.”   What that means is Aylesbury youngsters, who are looking to buy their first home, are finding themselves being squeezed out by the competition.  However, in the meantime, nobody wants to live with parents until they are in their 30’s, so that in turn creates demand for more rental properties. This means landlords have a greater demand for more rental properties and so are buying more. This is resulting in even fewer smaller properties for the youngsters to buy, it’s a vicious circle.   

Talking to fellow agents, mortgage arrangers, surveyors and solicitors in the town, all of whom have extensive dealings in the Aylesbury property market like myself, most of us agree the movement in the Aylesbury market is taking place in the middle to upper market, higher up the property ladder and it’s second and third steppers pushing through the properties that are being bought and sold.

That has meant as people tend to move less in the middle to upper market, the number of the properties actually selling has drastically reduced over the last couple of years.

When we look at the individual areas of the town, it paints an interesting picture.

• HP 19 - Fairford Leys, Prebendal Farm, Quarrendon, Watermead 58 properties sold in May 2015 (the most recent set of figures from the HM Land Registry), whilst over the Autumn  months of 2013, the number of properties selling in this postcode reached an average of 66  per month.
• HP20 - Aylesbury Town Centre, Broughton, Elmhurst 17 properties sold in May 2015 (the most recent set of figures from the HM Land Registry), whilst over the Spring months of 2014, the number of properties selling in this postcode reached into the late 20’s per month.
• HP22  - Aston Abbotts, Aston Clinton, Bierton, Buckland, Drayton Beauchamp, Dunsmore, Halton, Hardwick, Hulcott, North Lee, Nup End, Oving, Pitchcott, Quainton, Rowsham, Stoke Mandeville, Weedon, Wendover, Weston Turville, Whitchurch, Wingrave Hill 34 properties sold in May 2015, whilst over the Summer months of 2014, the number of properties selling in this postcode was always in the late 50’s to early 60’s.

So what does this all mean for homeowners and landlords alike in Aylesbury?  Demand for Aylesbury property is strong, especially at the lower end of the market.  However, with fewer properties coming up for sale, it means property prices are proving very strong too.

But is that strength in prices supported by a high demand or by a lack of supply? I will leave you to debate this with those around you!!

A more stable, consistent Aylesbury property market that has a steady growth of property values  year on year, without the massive peaks and troughs we saw in the late 1980’s and mid/late 2000’s, might just be what the Aylesbury property market needs in the long term.

For more insights, comments and facts on the Aylesbury Property market please visit the Aylesbury Property Blog http://theaylesburypropertyblog.blogspot.co.uk/