What is really happening in the Chipping Norton Property Market?
Well its been a few months since Brexit and as we settle into the Autumn with Great British Bake Off, Strictly and the football season ... the newspapers are returning to their mixed messages of good news, bad news and indifferent news about the Brits' favourite subject after the weather ... the property market.
The thing is the UK does not have one housing market. Instead, it is a patchwork of mini property markets all performing in a different way. At one end of scale is Kensington and Chelsea, which has seen average prices drop in the last twelve months by 6.2% whilst in our South East region, house prices are 12.3% higher. But what about Chipping Norton?
Property prices in Chipping Norton are 7.6% higher than a year ago
and 1.1% higher than last month.
So what does this mean for Chipping Norton landlords and homeowners? Not that much unless you are buying or selling in reality. Most sellers are buyers anyway, so if the one you are buying has gone up, yours has gone up too. Everything is relative and what I would say is, if you look hard enough, even in this market, there are still some bargains to be had in Chipping Norton.
However, the most important question you should be asking though is not only is what happening to property prices?, but exactly which price band is selling? I like to keep an eye on the property market in Chipping Norton on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in the town.
If you look at Chipping Norton and split the property market into four equally-sized price bands each price band would have around 25% of the property, from the lowest in value band (the bottom 25%) all the way through to the highest 25% band (in terms of value).
- Nil to £240k 26 properties for sale and 15 sold (stc) ie 36% sold
- £240k to £300k 28 properties for sale and 8 sold (stc) ie 22% sold
- £300k to £400k 34 properties for sale and 11 sold (stc) ie 24% sold
- £400k + 33 properties for sale and 6 sold (stc) ie 15% sold
Fascinating don’t you think that it is the lower Chipping Norton market that is doing the best?
The next nine months’ activity will be crucial in understanding which way the market will go this year after Brexit ... but, Brexit or no Brexit, people will always need a roof over their heads and that is why the property market has ridden the storms of oil crisis’ in the 1970s, the 1980s depression, Black Monday in the 1990s, and latterly the credit crunch together with the various house price crashes of 1973, 1987 and 2008.
And why? Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash. ... there is always a silver lining when it comes to the property market!
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