Basingstoke Property Prices in 2017

As we start the new year, there have been a number of reports published regarding the property market in 2017, with some conflicting news about the market.

 

Rightmove Rental Trends Tracker

Rightmove, the largest property sales and lettings portal in the UK, released their latest figures for the rental market in 2017.

Rightmove are forecasting that rents will rise by 4% nationally outside London, although the market in London is expected to see a decline of 4.4%. This rise is largely being driven by a lack of available stock for prospective tenants.
 
This needs to be taken in context however. Certain properties are more in demand than others (1 and 2 bed properties being most in demand), as are the location of properties and their proximity to town centres, railway stations, major travel routes, popular schools and so on. So, don't expect rents to increase by 4% for every property in every location. This is consistent with previous articles where we have estimated that rents in Basingstoke will increase by around 4% in 2017.
 
The article also looked at the average rental values, concluding that the average rent in the South East was £1,045 in Q4 of 2016. By comparison, our own data would suggest that in Basingstoke, this is closer to £940 per month in the same period. 

 

 

You can read the full report by clicking on the picture above, or clicking HERE.

 

Royal Institution of Chartered Surveyors

By contrast, RICS have released the latest results from their members survey, and they reported a slow down in the number of property sales in December 2016. Although London continued to see a slow down in sales, on a more positive note, some parts of the UK reported a rise in sales over December, with Wales, the South West, and the North East all seeing an increase.

 

As with lettings, the main driver for this was the lack of available stock in the market, with many people taking a wait and see approach to the market. However, for motivated sellers, this presents an opportunity to sell their property with the potential to choose between multiple offers.

 

Basingstoke has seen a similar trend, with a general slow down in December, and a lack of available stock to purchase. However, a recent development in Basingstoke of over 250 new apartments has seen a huge take up from foreign and local investors as well as owner/occupiers. It all goes to show that priced correctly, properties will sell to waiting buyers. If you would like to know more about available investment properties in Basingstoke, please contact us in the office.

You can read the full RICS article HERE.