Apathy has hit the Melton housing market as sellers await the outcome of the general
election and stricter mortgage regulation suppresses buyer demand.
This is mirrored around the UK as Rightmove reported the number
of homes registered for sale per estate agent fell to its lowest level for five
years in December, with available stock 10% lower than in the same month a year
earlier.
Looking at Melton, in the Autumn of 2014, each estate agent in
Melton had on average 22.8 properties on its books (as there were a total of 251
properties up for sale in Melton at the peak during that time. Our research shows that numbers plummeted to
19.1 per agent in December. While the lack
of new properties coming onto the market in the later months of 2014 in Melton
pushed asking prices up slightly from November to December, traditionally a
quiet season for the housing market, property sellers will need to work hard in
2015 to complete a sale.
The length of time a property takes to sell has increased
over the last few months. Two bedroom
properties in Melton are now taking 77 days to sell, three bedroom 122 days,
four bedrooms 131 days, but here an
interesting figure, one beds are taking on average 44 days to find a buyer 2015
will be the year of the selective mover. With only 187 brand new properties a year
being built in Melton since the turn of the Millennium, this woefully low and insufficient
number of new buildings in the Town over the past few decades and a systemic
change in the type of properties homeowners want (with families splitting etc
so we have too many larger houses and not enough smaller ones), buyers are
becoming dissatisfied with, and therefore dismissive of what is up for sale.
I would confirm the heat has gone out of the Melton property
market and I anticipate a moderate reduction from the high transaction volumes
seen in 2014. That might mean Melton
landlords could bag a bargain during this period of uncertainty, especially if
the financial markets do not like the election outcome. Markets and buyers do
not like uncertainty, but savvy Buy to let landlords know buy to let is a long
term game, and irrespective of short term apathy, reduction in the quality and quantity
of stock for homeowners to buy or the election, if people don’t buy property they
rent. The Council aren’t building
anymore properties, the council house waiting list is decades, not years for
the better type of property .. the only other place to get a roof over your
head .. rent a property! Good old Bricks
and Mortar!
Therefore, if you are considering buying a property for
investment in the near future, I am always happy to give you my considered
opinion on which property to buy (or not as the case may be) to give you what
you want from your investment come and see me at our office on Burton Street, Melton
Mowbray or call me on 01664 569700.
No comments:
Post a Comment