VALUATION REQUEST
 
 
 

Chipping Norton Property Market - Summer 2018 Update

27/10/2018
 

I was recently reading a report by Rightmove that a North/South Divide has started to appear in the UK property market – so I wanted to see if Chipping Norton was falling in line with those thoughts.  In the North there are 7.12% fewer properties on the market than 12 months ago whilst in contrast in the South there are 14.7% more properties on the market than 12 months ago.

 

The decline in the number of properties for sale in the North compared to 12 months ago that means the North is more of a sellers’ market.  However, on the flip side of the coin, there is a significant rise in buyer choice in all of the Southern regions which in some markets is a driving force for a buyers’ market and for some downwards price pressure.

 

So, looking at asking prices closer to home and at the number of homes on the market - in the South East region, according to Rightmove, the average asking prices of new to the market properties are 1.2% higher than 12 months ago and 0.1% higher over the last month.  Now I must stress, this is asking prices – not what is happening to actual property values.  Also, regionally, there are 20% more properties on the market than 12 months ago.

 

Even closer to home the number of properties and building plots for sale in Chipping Norton overall has decreased by 17%, going from 114 properties for sale a year ago to 95 properties for sale as I write this article, meaning that Chipping Norton does not, in fact, match the regional trend.

 

Looking at the individual types of Chipping Norton property you can quite clearly see the different markets within the town.  The two sets of figures that stand out are the decrease in semi-detached homes for sale falling 42% and the decrease in apartments and terraced/town houses both down by 17%.

 

Type

Properties for Sale 12 months ago

Properties for Sale Today

Change

Detached Property in Chipping Norton

26

19

-27%

Semi Detached Property in Chipping Norton

26

15

-42%

Terraced/Town House in Chipping Norton

18

15

-17%

Apartments in Chipping Norton

30

25

-17%

 

(NB There are a handful more building plots and other types of property that can’t be placed into the four categories ... and it’s those that make up the total numbers in the paragraph above the table)

 

Although these figures don’t tell the whole story because in certain areas of Chipping Norton, certain types of properties (particular locations and primary school catchment areas) are in short supply.  This shortage of supply has caused some frustration with buyers of those types of properties which in turn has sparked some very localised asking price growth within those hot spots, although sometimes this results in levels where sellers’ optimism turns into silly over-the-top asking prices.

 

This means the property sticks. This is not sustainable, therefore as a result there are certain parts of the Chipping Norton housing market with upward asking price movements being offset in part by intermittent asking price reductions where home owners or their estate agents have been over optimistic with their initial marketing asking price.

 

What does this mean for homeowners and landlords in Chipping Norton?

 

If you are planning to sell your home or buy to let investment the key for determined sellers is to set your asking price correctly from the start.  It’s so vital to be competitive to attract buyers.  Everyone has access to three main property portals (Rightmove, On the Market and Zoopla) so can easily compare your property against similar ones.  When you do search these portals, make sure you ask the website to show properties that are sold subject to contract as well to check what properties are selling for in your neighbourhood. Unless you have something highly unusual or unique, this perhaps isn’t the best market to set an optimistic asking price in hoping to find someone who would pay that silly price.

 

And if you are buying in Chipping Norton?  The numbers of buyers are lower than a few years ago although those buyers that are in the market have become quite serious.  The days of time-wasting “carpet treaders” (estate agency slang for the same type of people car dealers call tyre kickers) are long gone.  Those buyers who are in the market are genuine buyers, wanting to buy, but only at the right price.  We live in a 21st century society that is “time-poor” so nobody is wanting to even view a house, let alone pay over the odds for it if they believe the asking price is too high.  So if you are buying do your homework, ask plenty of questions of the agent, find out the motivation of the sellers and the real reasons behind why they are moving …….... and you might just bag a good deal?

 


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