Only 1.3% of Basingstoke Homes Are Currently For Sale – Is this good or bad?

The Basingstoke Property Market continues to ignore all of the concerns about a post Brexit slump with a return to business as usual after the summer break.

 

The challenge every Basingstoke property buyer has faced over the last few years is a lack of choice – there simply hasn't been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, and there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Basingstoke, the market is likely to see upward pressure on property values as a result.

 

However, there may be hope for first time buyers, with homeowners looking to move upmarket and the buy to let landlords looking for their next investment, the Basingstoke property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Basingstoke begun to increase.

 

For example, last month in RG22, we saw 94 new properties coming on to the market, not bad when you consider for the same period last year the average has been mainly in the 70 to 80 range. With the average Basingstoke property value hitting a record high, reaching almost £323,300 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure, but there is a glimmer of hope that the Basingstoke's supply crisis may be starting to ease.

 

As I write this article, 1.36% of Basingstoke properties are up for sale. In terms of actual Chimney Pots, that equates to 465 properties on the market in Basingstoke (within 4 miles of the centre of Basingstoke) – which, when compared to only a year ago when that figure stood at 246, is a serious increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading ...

 

·         Detached Properties in Basingstoke  - 90 on the market a year ago compared to 153 on the market now – an increase of 70%

·         Semi Detached Properties in Basingstoke - 59 on the market a year ago compared to 93 on the market now - an increase of 58%

·         Terraced Properties in Basingstoke - 31 on the market a year ago compared to 84 on the market now - an increase of 171%

·         Flats / Apartments Properties in Basingstoke - 41 on the market a year ago compared to 119 on the market now - an increase of 190%

 

 

 

 

 

With realistically priced properties flying off the shelves and this increase in new properties (especially terraces and apartments), there is evidence of strength in the Basingstoke housing market that many didn't expect.

 

However, all this will mean is that property values won't continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won't be down to Brexit but a re-balancing of the Basingstoke Property Market – which is good news for everyone.