Well the dust has settled and the General Election seems a
distant memory, we can get back to a more normal property market, or that is
what the London
based ‘Fleet Street’ journalists would lead you to believe. You see I have been talking to many fellow
property professionals in Melton Mowbray (solicitors, conveyancers and one the
best sources of info – the chap who puts all the estate agent and letting
boards up in Melton Mowbray), and all of them, every last one of them told me
they didn’t see any change over April in business, compared to any other month
on the lead up to the Election itself.
I am now of the
opinion that maybe in the upmarket areas of Mayfair and Chelsea, the market
went into spasm with the prospect of a Labour/SNP pact with their Mansion Tax
for properties over £2,000,000, but in little old Melton Mowbray and the
surrounding villages, there has been just one property sold above £2,000,000
mark in the last 7 years.
I think that things are starting to change in the way people
in Melton Mowbray (in fact the whole of the country as I talk to other agents
around the UK )
buy and sell property. Back in the
1970’s, 80’s and 90’s, the norm was to buy a terraced house as soon as you left
home and do it up. Meanwhile, property
prices had gone up, so you traded up to a 2 bed semi, then a 3 bed semi and
repeated the process, until you found yourself in large 4 bed detached house with a large
mortgage.
Looking into this a little deeper like I have said in
previous articles Melton Mowbray people’s attitude to home ownership itself has
changed over the last ten years. The
pressure for youngsters to buy when young has gone as renting, not buying, is
considered the norm for 20 something’s. This isn’t just a Melton Mowbray thing,
but, a national thing, as I have noticed that people buy property by trading up
(or down) because they need to, not because ‘it’s what people do’. This does means there are a lot less
properties on the market compared to the last decade.
A by-product of less people moving is less people selling
their property. My research shows there are a lot fewer properties each month
selling in Melton Mowbray compared to the last decade. For example, in February 2015, only 39
properties were sold in Melton Mowbray. Compare this to February 2003, and 43 properties
sold and the same month in 2007, 49 properties.
I repeated the exercise on different sets of years, (comparing the same
month to allow for seasonal variations) and the results were identical if not
greater.
So what does this all mean? Demand for Melton Mowbray property isn’t flying away, but with fewer properties for sale, it means property prices are proving reasonably stable too. Stable, consistent and steady growth of property values in Melton Mowbray, year on year, without the massive peaks and troughs we saw in the late 1980’s and mid/late2000’s might just be the thing that the Melton Mowbray property market needs in the long term.
If you are considering investing in property please do not hesitate to give me a call or pop into my office on Burton Street.
So what does this all mean? Demand for Melton Mowbray property isn’t flying away, but with fewer properties for sale, it means property prices are proving reasonably stable too. Stable, consistent and steady growth of property values in Melton Mowbray, year on year, without the massive peaks and troughs we saw in the late 1980’s and mid/late2000’s might just be the thing that the Melton Mowbray property market needs in the long term.
If you are considering investing in property please do not hesitate to give me a call or pop into my office on Burton Street.
No comments:
Post a Comment