2017 started with some positive interest in the Bourne property market. Taking a snap shot of the Bourne property market for the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices and what prices properties are actually selling for.
Let us first consider the number of properties that were for sale, compared to 12 months ago:
|Type of Bourne Property||Number of Properties on the Market 12 months ago||Number of Properties on the Market now||% change|
So when we add in building plots and other types of properties that don’t fit into the four main categories, that means there are 116 properties for sale today compared with 165 a year ago, a drop of 30%.
“Bourne asking prices, compared to the same as a year ago, are 5% lower.”
With that in mind, I wanted to look at what property was actually selling for in Bourne. Taking my information from the Land Registry, the last available six months property transactions for PE10 show an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process and so November 2016 is latest set of data). The price shown is the average price paid and the number in brackets is the number of properties actually sold.
|Detached||£290,873 (12)||£235,395 (19)||£276,104 (24)||£254,224 (32)||£267,618 (19)||£222,893 (14)|
|£164,605 (14)||£157,493 (9)||£173,500 (6)||£157,249 (8)||£148,925 (10)||£158,750 (8)|
|Terraced||£144,541 (17)||£155,955 (13)||£151,099 (5)||£155,676 (11)||£221,250 (2)||£163,667 (3)|
|All||£191,910 (43)||£180,822 (46)||£233,255 (37)||£211,149 (54)||£211,785 (35)||£188,666 (27)|
So what does all this mean for the property owners of Bourne?
Well, with less property on the market than a year ago and asking prices 5% lower, those trying to sell their property need to be mindful that buyers, be they first timer’s, buy to let landlords or people moving up the Bourne property ladder, have much more price information about the Bourne property market at their fingertips than ever before.
Those Bourne people who are looking to sell their property need to be aware of the risks of over pricing their property when initially placing it on the market.
Whilst the Bourne property-market has an unassailable demand for property – there is one saying that always rings true – as long as the property is being marketed at the right price it will sell.
If you want to know if your Bourne property is being marketed at the right price, send me a web link and I will give you my honest opinion – firstname.lastname@example.org
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