Property Prices in Basingstoke Increased by 8% During 2017

 

The latest figures from the ONS, would suggest that average property prices in the Basingstoke area increased by 8% over the course to 2017. 

 

 

By comparison, average prices across the South East increased by 6.1% and across England & Wales by just 3.0%. Although the property prices have performed well over this period, the number of sales transactions (as we have reported before) have declined over the same period by 10.6%.

 

Over the last 12 full months there have been 2,797 sales in Basingstoke. This is a –11% change on the previous 12 month period. The average sales price was £309,024.

 
17% of sales in the past 12 months were flats, achieving an average sales price of £173,572. Houses achieved an average price of £346,755. The total value of sales was £863,202,193.

The highest value recorded by the Land Registry over the past 12 months was £420,000 for a flat and £1,870,000 for a house.

 

Mortgages

The number of mortgage approvals fell to their lowest level in almost three years in December

according to the Bank of England. Just 61,039 mortgages were approved for home ownership,
more than 10% below levels a year earlier. The downturn may be overstated, however, as some
buyers rushed to secure deals before interest rates were raised in November.

Over the coming weeks, we will be doing some analysis by major housing areas in an around the Basingstoke area, so that we can look into these figures in more detail.

 

Property is still a good investment in the Basingstoke area, and despite the decline in available properties, this lack of properties is also helping to fuel property prices, especially for the 1, 2 and 3 bedroom properties.