As unbelievable as it is, we’re already half the way through the year! New years resolutions maybe long forgotten but the housing market is still ticking along. With all of the talk about Brexit and it’s delay combined with the general political uncertainty, we thought now would be the perfect to see how the housing market is fairing in Ipswich.
At present the numbers in Ipswich read as follows;
Property’s Available: 1,097
Properties Sold Subject to contract: 927
Percentage of properties sold subject to contract: 54%
There’s been a notable surge since March (where Brexit was delayed) with new activity for homes to the market. In March there was peak of 886 of properties so we’re at over 200 more as we sit today. Certainly, from the client we speak to, there is very much a feeling of not being able to put life on hold and waiting another six months plus before moving. There was a peak last year of 1,216 houses available so the market is still somewhat subdued in terms of activity numbers however it will be interesting to see how the rest of the year pans out and if it reaches last years high.
We then started to look at the number of days properties are on the market.
As you can see, Ipswich property is taking on average 12% longer than last year. The reasons for this certainly isn’t down to more choice in the market as discovered previously. So does that mean there are less buyer and if so how is this affecting the average sales price.
So we then look at whether Ipswich house prices have been affected by the decreased stock levels or less buyers. We’ve looked at the numbers here;
Interesting the average house price is now up 1.6% compared with the same time last year. A lower stock level with a similar demand will naturally raise the house prices as there is more competition. This you can really notice with semi and detached houses in particular having an increase of more than £5,000 and £8,000 respectively. Apartments on the other hand have seen a slight dip off £300 on average, which can be attributed to the quantity of flats now available in Ipswich compared with last year. What the data does show is that there is still plenty of demand for family houses in Ipswich and people will pay increased prices in a competitive market.
So the first six months of the year have been interesting. A decline in transaction levels with houses taking longer to sell but average house prices rising. The next six months are going to be interesting with many questions to be answered, will transaction levels continue to rise? Will Brexit affect the market? Will prices continue to rise? We will be monitoring the market with a keen eye at Beagle and will be advising our landlord’s and vendor’s on how best to navigate the market. If you would like any advice then please feel free to pop into our office for a chat.