Rutland's Housing Crisis... Only 2.5% of Homes For Sale

Our local property market continues to disregard the end of the world prophecies of a post-Brexit fallout with a return to ‘business as usual’ feel after the summer break.

The challenge every 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 purposes or owner occupation). 


Numbers are still well down on what would be considered healthy levels from earlier on in this decade, as there remains a substantial demand/supply imbalance.  Until we start to see consistent and steady increases in properties coming on to the market, the market is likely to see upward pressure on property values continue.

For example, in the last few months, LE15 has seen an average of 112 new properties coming onto the market, not bad when you consider for some months last year the average was in the mid 60’s.  According to my research, with the average Oakham property value hitting a record high at almost £326,450, the shortage of properties on the market over the last 2 years has contributed to this ‘fuller' average property figure.

As I write this article, 2.53% of Oakham properties are on the market for sale.  In terms of actual chimney pots, that equates to 99 properties on the market in Oakham (within 1 mile of the centre of Oakham), which, when compared to only a year ago when that figure stood at 123, is a slight decrease in the number of properties available to buy.  However, split that down into the type of property, it makes for even more fascinating reading...

• Detached Properties in Oakham: 48 on the market a year ago, compared to 35 on the market now – a  decrease of 27%
• Semi-Detached Properties in Oakham: 18 on the market a year ago, compared to 28 on the market now - an increase of 56%
• Terraced Properties in Oakham: 27 on the market a year ago, compared to 19 on the market now – a decrease of 30%
• Flats / Apartments Properties in Oakham: 18 on the market a year ago, compared to 11 on the market now – a decrease of 39%

This is evidence of strength in the housing market that many didn't expect.  Some commentators believed that the property market wasn't going to be strong enough post-Brexit, as what was considered a ‘sellers' market’ before the Brexit vote and a ‘buyers' market’ in the early months after it, may now be somewhere in-between and the property market might just be coming back into balance.

However, all this will mean 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 property market – which is good news for everyone.

I like to keep a close eye on the local property market on a daily basis because it enables me to give the best advice and opinion.  If you want to learn more about the Rutland and Stamford property market, feel free to pop in for a coffee at our office for a chat with me.

We are here to help you buy, sell, rent and manage your homes and property investments.

David Crooke
Owner

 

UPP PROPERTY - SALES & LETTING AGENTS
Understanding People & Property

Email: david@upp-property.co.uk

Stamford: 01780 484 554      Oakham: 01572 725 825