The Newbury Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Newbury property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Newbury, the market is likely to see upward pressure on property values continue.
However, there may be hope for first time buyers, with homeowners looking to move up market and buy to let landlords looking for their next investment, the Newbury property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Newbury has increased.
For example, last month RG14 saw 100 new properties coming on to the market, not bad when you consider over the last year the average has been as low as the 60’s. With the average Newbury property value hitting a record high, reaching almost £428,100 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Newbury supply crisis may be starting to ease.
As I write this article, 1.8% of Newbury properties are up for sale. In terms of actual chimney pots, that equates to 238 properties on the market in Newbury (within 2 miles of the centre of Newbury) – which, when compared to only a year ago when that figure stood at 178, is a serious increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
- Detached Properties in Newbury – 46 on the market a year ago compared to 61 on the market now – an increase of 33%
- Semi Detached Properties in Newbury – 22 on the market a year ago compared to 45 on the market now – an increase of 105%
- Terraced Properties in Newbury – 25 on the market a year ago compared to 28 on the market now – an increase of 12%
- Flats / Apartments Properties in Newbury – 78 on the market a year ago compared to 89 on the market now – an increase of 14%
With realistically priced properties flying off the shelves and this increase in new properties (especially semis), this is evidence of strength in the Newbury housing market that many didn’t expect. Many believed that the Newbury property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Newbury Property Market – which is good news for everyone.
For more thoughts on the Newbury Property Market, please visit the Newbury Property News Blog www.newburypropertynews.co.uk
I operate Downer & Co Lettings in Newbury and I am also a landlord myself with over 15 years experience buying, selling, letting and managing property in the area. I am always happy to chat to you openly and honestly about any aspect of the local property market.
