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.
