One of the key factors of the health of the Beverley property market is the number of properties for sale at any one time. The issue with housing is that when demand goes up, unlike with a chocolate bar factory, who can add a couple of hours overtime to increase supply/production to satisfy demand, it takes a good 18 months to two years from planning permission to someone moving into a home. I have talked at length (and proved) in previous articles that we are still not building enough homes in the long term in the Beverley area.. yet for the short term, a good indicator is the number of properties for sale and how long they have been on the market.
How long a property has been on the market is important as a guide to how the property market is performing – potential buyers can always find this information on the Rightmove and Zoopla listings (if you don’t know where – drop me an email or message and I can let you know).
So, let’s have a look at what is happening in Beverley, both in terms of the number of properties for sale and how long they have been on the market compared to a year ago, then discuss what that means for the current state of play of the Beverley property market. So to start, let’s look at the number of properties for sale in Beverley compared to a year ago.
Interestingly, you can see there has been a proportional increase of 8% in detached properties on the market in Beverley, yet a 33% reduction in terraced property .. overall in the last year there are 4% less properties on the market in Beverley, compared to a year ago. Now, let’s look how long they have been on the market ..
Interesting to see that the biggest jump in the number of days on the market is terraced houses, from 330 days to 443 days. Whilst the length of time an average Beverley property has been on the market has decreased by 29% in the last year.
So what does this all mean for Beverley Buy To let landlords and Beverley homeowners looking to buy and sell? Well, if you are thinking of selling, as the number of properties on the market has decreased and the length of time Beverley properties are on the market has also decreased – this is good news, yet you still have to be mindful that realistic pricing is the key to get the property sold.
There is an argument to suggest that property buyers see excessive days on the market as an indication that the seller is becoming desperate to sell because the property hasn’t sold. Buyers are also mindful to believe that there might be something wrong with the home, a defect that caused other buyers to pass it up. This can concern them when they view the property – if they view it at all, as that possible and perhaps made-up defect is on their minds, even if it is sub-consciously.