price changes in local area by house type
The following piece was written for our newletter whish is currently being delivered accross 5000 houses in our imediate vicinity.
Did you know that one in five houses has changed hands in the past 5 years? In the past year 84 sales were recorded in the KY13 area alone. Over the past year prices have dropped by a further 10 %. The seasonal boost to prices that occurs in the spring/summer did occur this year which is very positive, but we should not read too much into this for long term prices rises.
Even with this boost the net result is that the market is still down, with the average house value for the area at £201,000. Overall this puts values about where they were three years ago.
Comparing this to the national picture the attached graph from Zoopla.com shows how local prices are now very much closer than they used to be to the UK National average. However we believe this is due more to the effect of new builds, which have tended to be higher value properties, rather than a disproportionate increase in local prices against the norm.
Looking ahead, as prices usually move forward in the spring and summer recent increases should not be taken as evidence of a sustained recovery, but rather the normal seasonal pattern. However the fact they are rising does suggest that the market is stabilising and still functioning which in itself is encouraging.
That is not to say that all the houses currently on the market are at the correct market price. Our advice is that increasingly buyers are demanding a Home Report to justify the price and if the house you are looking at doesn’t have a Home Report then insist one is done before you bid. All our houses have a Home Report.
If you are selling and don’t have a Home Report then our advice is to get one and refresh your listing by updating as much of the presentation that you can (new pictures, schedule, internet presence and price). Two sellers who changed agents to Customhouseproperty.com have now found buyers and were delighted with the change in approach we brought.
Tags: estate agents, house prices, housing market, Kinross, Kinrossshire, KY13