The Grantham Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Grantham 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 or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Grantham, the market is likely to see upward pressure on property values continue.
For example, in the last month or so, NG31 has seen an average of 108 new properties coming on to the market, not bad when you consider for some months last year, it was as low as the early 60’s. With the average Grantham property value hitting a record high, reaching almost £202,100 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure.
As I write this article, 2.26% of Grantham properties are up for sale. In terms of actual chimney pots, that equates to 330 properties on the market in Grantham (within 2 miles of the centre of Grantham) – which, when compared to only a year ago when that figure stood at 328, so not much has changed in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading...
· Detached Properties in Grantham - 140 on the market a year ago compared to 107 on the market now – a decrease of 24%
· Semi Detached Properties in Grantham - 69 on the market a year ago compared to 75 on the market now - an increase of 9%
· Terraced Properties in Grantham - 60 on the market a year ago compared to 80 on the market now - an increase of 33%
· Flats / Apartments Properties in Grantham - 49 on the market a year ago compared to 55 on the market now - an increase of 12%
This is evidence of strength in the Grantham housing market that many didn't expect. Many believed that the Grantham property market wasn't going to be strong enough post Brexit - as what was a sellers' market before the Brexit vote and Buyers' market in the early months after it, may now be somewhere in between and the 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 Grantham Property Market – which is good news for everyone.