Have Basingstoke House Prices Started to Decline?

By Martin and Co Basingstoke -

The nationwide released their latest monthly figures as part of their House Price Index today, and the main headline figure was that house prices declined by 0.3% between February 2017 and March 2017.


In addition, the annual rate of increase declined from 4.5% to 3.5%. Despite the fact than Manchester is currently showing the highest increases in the UK, the South of England continued to show slightly stronger price growth than the North of England. As we have commented on previously in our articles, there was also a decline in the percentage of people that own their own home, and in particular, for people aged between 25-34 who would traditionally make up the first-time buyer segment of the market.

How Has This Impacted the Rental Market
The percentage of people who own their own home is now 62.9%, which is the lowest recorded since 1985. As you expect, people still need to live somewhere, and so, as a result, 20% of households in England are now privately rented.
This has increased by 75% over the past decade and now stands at 4.5m households. As you would expect, the highest number of rented households is for people aged between 25-34.

What Does This Mean for Basingstoke?
As discussed in our previous article, the South East and South West have continued to perform well both in terms of Sales and Rental prices, and the growth rate in Basingstoke is still expected to remain between 5% and 10% annually. The market has continued to remain robust despite the many pressures affecting the national picture.



Location: Basingstoke, UK

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