Only 111 Properties For Sale in Stamford

2017 has started with some positive interest in the Stamford and Rutland property market.

Taking a snap shot of the Stamford property market for the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices and what prices properties are actually selling for.

Let us first consider the number of properties for sale, compared to 12 months ago:

So, when we add in building plots and other types of properties that don’t fit into the four main categories, that means there are 111 properties for sale today, compared with 141 a year ago, meaning a drop of 21%.

Next, when compared to the same a year ago, Stamford asking prices are 2% higher.

With that in mind, I wanted to look at what property was actually selling for in Stamford.  

Taking my information from the Land Registry, the last available 6 months property transactions for PE9 show an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process and so November 2016 is latest set of data).  

The price shown is the average price paid and the number in brackets is the number of properties actually sold.

 

	Jun-16	Jul-16	Aug-16	Sep-16	Oct-16	Nov-16
Detached	£439,143 (14)	£503,932 (22)	£715,625 (8)	£504,450 (20)	£349,893 (14)	£386,281 (16)
Semi Detached	£193,875 (8)	£234,258 (19)	£302,193 (22)	£268,883 (9)	£198,905 (11)	£281,227 (15)
Terraced	£282,632 (19)	£347,944 (18)	£254,359 (16)	£260,983 (18)	£260,419 (13)	£212,414 (18)
Flat	£115,167 (3)	£98,833 (3)	£278,883 (15)	£191,113 (4)	£112,658 (6)	£152,981 (8)
All	£304,875 (44)	£356,401 (62)	£338,135 (61)	£352,374 (51)	£253,360 (44)	£270,985 (57)

What does all this mean for Stamford’s property owners?

With less property on the market than a year ago and asking prices 2% higher, those trying to sell their property need to be mindful that buyers, be they first timers, buy-to-let landlords or people moving up (or indeed down) the property ladder, have much more price information and data about the Stamford property market at their fingertips than ever before.

The Stamfordians who are looking to sell their property this year, need to be aware of the risks of over-pricing their property when initially placing it on the market.  

Over the last 12 months, in my opinion, I have noticed a few local estate agents have started to overvalue property. Possibly to encourage the homeowner and secure the property for their books – either that, or the homeowner is ignoring their estate agent’s professional advice!

 

The downside to this is that when offered to the market for the first time, buyers will realise it is overpriced and won’t waste their time asking for a brochure. They won’t even view the property, let alone make an offer. Therefore, when the price is begrudgingly reduced a few months later, the property has become stale and continues to be ignored.

Whilst the Stamford property-market has an unassailable demand for property – there is one saying that always rings true…as long as the property is being marketed at the right price, it will sell.

If you want to know if your property is being marketed at the right price, send me a web link and I will give you my honest opinion.

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

David Crooke
david@upp-property.co.uk

Owner and managing director

 Understanding People & Property

SALES & LETTING AGENTS 

Stamford: 01780 484 554      Rutland: 01572 725 825