My latest analysis,
using the Land Registry and Office of National Statistics, shows that last
month, Melton Mowbray property values decreased by 0.1%. However, the year on
year figures showed the value of residential property in Melton Mowbray has
increased by 4.1% in the year to the end February 2016, taking the average
value of a property in the council area to £163,200.
It gets even
more interesting when we look at the last few months’ figures and see the
patterns that seem to be emerging.
·
January 2016 - a rise of 0.1%
·
December 2015 - a rise of 0.2%
·
November 2015 - a rise of 0.5%
We have talked
in many recent articles about the lack of properties being built in Melton
Mowbray over the last 30 years. This lack of new building has been the biggest
factor that has contributed to Melton Mowbray property values still being 163.96%
higher than in 1995.
At the risk of
repeating myself, until the Government addresses this issue, and allows more
properties to be built, things will continue to get worse as the UK population
grows at just under 500,000 people a year (which is a combination of around
226,000 people because of higher birth rates/people living longer and 259,000
net migration) whilst the country is only building 152,400 properties a year –
no wonder demand is outstripping supply.
Another reason intensifying the current level of property values in Melton
Mowbray, is the fact that people aren’t moving home as much as they used to. Fewer
properties are coming onto the market for sale, so in consequence, there is a
lack of choice of property to buy, meaning people thinking of moving are discouraged
from putting their property on the market.
This unevenness between demand from would-be purchasers and the number
of properties coming on to the market for sale is causing pressures in Melton
Mowbray (and the rest of the UK).
So what of the future of the Melton Mowbray property market? I firmly
believe the property market in Melton Mowbray and the country as a whole is changing
its attitude about homeownership. We are
moving to a more European model, where people choose to rent in their 20’s and
30’s (meaning they can move freely and not be tied to a property), then inherit
money in their 50’s when their property owning parents pass away, allowing them
to buy property themselves. So, whatever the vote on the 23rd of June, if you
think about it, we might be more European than we think!
It’s great to have an idea about Melton Mowbray Property Values. Actually I am thinking to make investment in property market and seeking information about profitable properties. It would be helpful if you can share price estimation for Dove mountain real estate?
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