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What Property Types Are Doing Well

September 23rd 2021
By: Thomas Morris
What Property Types Are Doing Well

We know that demand for property has shifted a bit in the past year or so, but at Thomas Morris, we know things can change quickly. If you want to ensure you make an informed decision regarding the Biggleswade housing market, contact us, and we will be more than happy to assist you.

How is the Biggleswade housing market faring?

As of late August 2021, Rightmove says the following about Biggleswade house prices;

Properties in Biggleswade had an overall average price of £323,942 over the last year.

The majority of sales in Biggleswade during the last year were terraced properties, selling for an average price of £272,047. Detached properties sold for an average of £429,670, with semi-detached properties fetching £324,064.

Overall, sold prices in Biggleswade over the last year were 4% up on the previous year and 2% up on the 2018 peak of £318,006.”

What is the price of flats these days?

Information provided by Rightmove suggests the average asking price of a flat has remained consistent. A 1% increase, leading to a rise of £2,000, sees the average asking price of a flat stand at £277,302.

Are flats making a comeback?

The information provided by Rightmove suggests flats are returning in popularity:

  • The number of agreed sales for flats in June and July 2021 was 14% higher than the 2020 figures for these months

  • The number of agree sales for flats in June and July 2021 were 24% higher than the June and July 2019 figures

Some of the reasons cited for the heightened interest in flats include:

  • The easing of lockdown restrictions

  • Medium to long-term working patterns being clarified

  • An increase in low deposit mortgages helping buyers

How are detached properties faring?

Rightmove suggests the asking price of a detached home has risen by 10% in this period. In February 2020, detached homes had an average price of £471,406; and it now stands at £517,180.

The information provided by Rightmove tells a different story regarding sales for detached properties:

  • The number of agreed sales for detached properties in June and July 2021 was 20% less than the 2020 figures for these months

  • The number of agree sales for detached properties in June and July 2021 were 7% higher than the June and July 2019 figures

How does the average asking price for flats differ across the country?

  • In the North East, the average asking price for flats is £103,098

  • In the South East, the average asking price for flats is £235,073

  • In London, the average asking price for flats is £534,054

  • The London price represents a fall of 2% since the time before the pandemic started in February of 2020

Tim Bannister, Rightmove’s Director of Property Data, said; “Navigating a busy market can be daunting for buyers, especially if they’re looking to get onto the property ladder for the first time. However, the latest data might suggest an opportunity for some first-time buyers, with average asking prices for flats currently up by 1%, which is significantly less than the price increases we’ve seen for other property types. In the first few months of the housing markets reopening across Great Britain last year flats were temporarily out of favour as people sought bigger homes with more space further out, but we’re now seeing this trend start to shift back again.”

Tim Bannister also said; “This means it could be a good time for those first-time buyers who would like to buy a flat to see what’s available before prices start to rise further, as the majority will benefit from being exempt from stamp duty and, although activity is increasing, there’s still less competition among buyers for flats than for houses right now.”

Tim Bannister concluded by saying; “The sharp rise in average asking prices for detached homes probably comes as no surprise to those who have been following the rush for room that emerged when the market reopened, and with available stock still limited and strong demand continuing, we’re unlikely to see prices fall for this property type anytime soon.”

If you plan on making a move and require guidance on the property market, or you would be keen to value your home, book a valuation at a time that is of suitable to you or alternatively, you can phone our Biggleswade branch, managed by Ryan Coyne by calling us on 01767 310111.