Over the last month, there appears to have been an anomaly
in the local property market, whereby asking prices in the town have dropped,
and property values have remained the same.
The average asking price of a Melton
Mowbray property, according to Rightmove, fell 1.4% this month yet the average value of a Melton Mowbray property
stayed the same.
So how does this relate in monetary terms? This anomaly has driven the average asking price of a Melton Mowbray
property down slightly to £205,900 whilst the average value is now £230,100.
So why the difference? Technically an ‘asking price’ can be any price that a homeowner wants to place his
or her property on the market for. Unfortunately, many times this is done
without research and can result in overpriced properties that don't sell. As
the Summer months are normally slightly quieter those left on the market
wanting to sell often temper their asking prices in these months to try and
generate interest in their property.
On the other side of the coin, the property ‘value’ is the price that a willing
buyer is prepared to pay and a willing seller is prepared to sell at. Therefore,
in a nutshell, Melton Mowbray property values are continuing to rise and those
homeowners in Melton Mowbray who have properties on the market, last month on
average, reduced their asking prices .. great news for property owners and
buyers alike!
In previous articles, I have spoken about the continued
fundamental shortage of property coming on to the market compared to buyer
demand. That is especially true for homeowners wanting to upgrade to a better
house/better location. I can appreciate Melton
Mowbray home owners are reluctant to put their own property on the market
speculatively and wait for the right property to become available and some high
demand locations can suffer from a property stalemate.
However, for the landlord/buy to let investors, these
potential problems are nothing further from the truth. As I write this article,
there are 18 flats for sale, 41 terraced houses and over 28 semis for sale in Melton
Mowbray. Landlord/Buy to let investors
can normally pick up some bargains in the Autumn months, as sellers who are
selling their homes often have a pressing need to sell by this time.
The types of houses a Melton Mowbray landlord typically
buys, are not the same types as the homeowners. The best types of properties
for buy to let are the smaller flats, terraced and semis (not the big detached
ones).
If you are a landlord or thinking of become one for the
first time, and you want to read more articles like this about the Melton
Mowbray Property Market together with regular postings on what I consider the
best buy to let deals in Melton Mowbray, out of the many of properties on the
market, irrespective of which agent is
selling it, then keep an eye on this property Blog.
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