What is really happening in the Basingstoke Property Market?

It has been a few months since Brexit and as we settle into the Autumn season, the newspapers have returned to their mixed messages of good news, bad news and indifferent news about Britain’s favourite subject after the weather ... the property market.

The thing is, the UK does not have one housing market. Instead, it is a patchwork of mini property markets all performing in a different way. At one end of scale is Kensington and Chelsea, which has seen average prices drop in the last twelve months by 6.2% whilst in our South East region, house prices are 12.3% higher. But what about Basingstoke?

 

Property prices in Basingstoke are 14.8% higher than a year ago

and 0.9% higher than last month.

 

So what does this mean for Basingstoke landlords and homeowners? Not that much unless you are buying or selling in reality. Most sellers are buyers as well, so if the one you are buying has gone up, the one you are selling has gone up too.  Everything is relative and what I would say is, if you look hard enough, there are still some bargains to be had in Basingstoke.

However, the most important question you should be asking though is not only is what happening to property prices, but exactly which price band is selling? I like to keep an eye on the property market in Basingstoke on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in Basingstoke.

If you look at Basingstoke and split the property market into four equalled sized price bands. Each price band would have around 25% of the property in Basingstoke, from the lowest in value band (the bottom 25%) all the way through to the highest 25% band (in terms of value).

·         Nil to £200k                       115 properties for sale and 144 sold (stc) i.e. 55% sold

·         £200k to £280k                 119 properties for sale and 278 sold (stc) i.e. 70% sold

·         £280k to £375k                 116 properties for sale and 225 sold (stc) i.e. 65% sold  

·         £375k +                                114 properties for sale and 182 sold (stc) i.e. 61% sold

Fascinating don’t you think that it is the middle part of the Basingstoke market that is doing the best?

 

The next nine months’ activity will be crucial in understanding which way the market will go this year after Brexit, but Brexit or no Brexit, people will always need a roof over their head and that is why the property market has ridden the storms of oil crisis’ in the 1970’s, the 1980’s depression, Black Monday in the 1990’s, and latterly the credit crunch together with the various house price crashes of 1973, 1987 and 2008.

And why? Because of Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash. There is always a silver lining when it comes to the property market!