Rutland and Stamford house owners desert the housing market with an 8 year low

Even though the housing market is in an upbeat state in many parts of the UK, getting on the property ladder is still challenging for many & regarded as ‘unattainable’ by some. However, that goal has become even worse recently in Rutland & Stamford as the number of houses available to buy is at an 8 year all-time low.

Back in spring 2008, there were over 776 properties for sale in Rutland & Stamford, and since then this has steadily declined year on year, so now there are only 233 for sale in these areas. This continuing diminishing supply of housing has been happening over those years for a while & there simply aren’t enough properties around here to match demand.

According to a recent report by the National Association of Estate Agents, that said, “There are now 11 house hunters fighting after every available house which isn’t sustainable.”   What that means is Rutland & Stamford youngsters, who are looking to buy their first home, are finding themselves being squeezed out by the competition.

However, in the meantime, nobody wants to live with parents until they are in their 30’s, so that in turn creates demand for more rental properties, which means landlords have a greater demand for more rental properties so are buying more, resulting in even less smaller properties for the youngsters to buy, it’s a vicious circle.   

Talking to fellow agents, mortgage arrangers, surveyors & solicitors in the towns, all of whom have extensive dealings in the Rutland & Stamford property market like myself, most of us agree the movement in our marketplace is taking place in the middle to upper market, higher up the property ladder and it’s ‘second and third steppers’ pushing through the properties that are being bought & sold.

That has meant as people tend to move less in the middle to upper market, the number of the properties actually selling has drastically reduced over the last couple of years.

When we look at some of the individual areas of the towns, it paints an interesting picture.

• PE9 - Stamford, Ashton, Aunby, Bainton, Barholm, Barnack, Braceborough, Careby, Carlby, Collyweston, Duddington, Essendine, Easton-on-the-Hill, Great Casterton, Greatford, Ketton, Little Casterton, Newstead, Pickworth, Pilsgate, Ryhall, Southorpe, Tallington, Tickencote, Tinwell, Tixover, Uffington, Ufford, Wilsthorpe, Wothorpe 62 properties sold in May 2015 (with an average value of £238,132), whilst over the Autumn months of 2014, the number of properties selling in this postcode reached into the 70’s.
• LE15 - Oakham, Cold Overton, Empingham, Knossington, Langham, Manton, Owston & Newbold, Thistleton, Uppingham, Whissendine 52 properties sold in May 2015 (with an average value of £251,720), whilst over the Summer months of 2014, the number of properties selling in this postcode reached into the 80’s.

So what does this all mean for our local homeowners and landlords?  Demand property in our area is good, especially at the lower end of the market.  But, with fewer properties coming up for sale, it means property prices are proving reasonably stable too.

I believe a more stable, consistent property market, with less people seeing property as an easy way to make a quick buck (as many did in the early 2000’s when prices were rising at nearly 20% a year so people were buying & selling every other minute), but a local property market that has a steady growth of property values, year on year, without the massive peaks & troughs we saw in the late 1980’s & mid/late 2000’s might just be the thing that Rutland & Stamford needs in the long term.

For more insights, comments & facts on our local property market please visit the Rutland and Stamford Property Blog www.rutlandandstamfordpropertyblog.co.uk where you will find many similar articles to this.