The average asking price of property in Stratford-upon-Avon increased by 0.2% or £705 compared to a year ago, taking the current average asking price to £364,399 compared with £363,694 this time last year.
The only slight increase in asking prices is being put down to sellers being more realistic with their pricing and looking to benefit from the impending mortgage interest rate rises later in 2018. This is great news for first, second and third time buyers in Stratford-upon-Avon starting their property hunting in the usually active spring market this year facing the opportunity of paying less for the property of their dreams. Even better news is that whilst first time buyers won’t have to pay much more for their property, they also have the bonus of the Chancellor stopping Stamp Duty being paid by first time buyers!
Looking at the different sectors of the Stratford-upon-Avon property market, splitting it down into property types, one can see what is happening to each sector of the market with regards to their average asking prices now compared to a year ago. Firstly, looking at the overall prices within the property market…
Interestingly, when one looks at the percentages, the most negative movement in average asking price pressure is in the apartments property type sector.
Now, we must stress this slight increase in the asking prices of properties in Stratford-upon-Avon doesn’t necessarily mean the overall value of Stratford-upon-Avon property is going up by the same amount.
Only time will tell if the current levels of Stratford-upon-Avon asking prices are a correction of optimistic house sellers after a couple of months of enthusiastic asking price rises in the lead up to Christmas, or is it an initial sign that property values are indeed increasing. To judge what is really happening to the Stratford-upon-Avon property market, we believe these asking prices must be viewed in conjunction with both the values achieved and the length of time it takes to sell the property.
Also, these figures are averages, so it might also mean more expensive types of Stratford-upon-Avon detached and terraced homes are on the market now, thus increasing the average as compared to a year ago.
One thought we would like to share with Stratford-upon-Avon homeowners and landlords wanting to sell their property, is the fact they need to be aware of the competition of other people selling their homes. One factor that could be contributing to an increased demand for local property is increases in buyer mortgage affordability, meaning more and more buyers are hitting their maximum on the amount they are able to borrow on a mortgage sooner than they thought.
So, what does this all mean, especially for buy to let landlords in Stratford-upon-Avon? During these months of flux, there could be some property bargains to be had. Marginal increases in asking prices mean there are still good yields and potential capital growth to be had. Many Stratford-upon-Avon landlords pick the phone up or email us with Rightmove links, asking our opinion on the BTL potential of property. We don’t charge for that service, so if you don’t want to miss out on such opinion, follow what they do and make contact … we don’t bite!
