Local market sales in Q2 highest for seven years

The latest Residential Property Prices Quarterly Bulletin showed that there were 228 sales between April and June – 51 more than the previous quarter and 45 more than the same period last year.

The highest proportion of properties sold were three-bedroom bungalows and houses, which accounted for 16% of all transactions. The average price of the properties was £427,893, a fraction (0.6%) higher than the previous quarter but 4.2% higher than the second quarter of 2018.

In the open market, there were 12 sales in the quarter and the raw median price (realty only) was £858,750 compared with £1,462,500 in the same period last year, when there were 14 sales.

The distribution of sales in the second quarter showed a peak in the £300,000 to £399,000 category.

Of the properties sold, the vast majority (93.1%) were more than three years old, with 4.8% less than a year old and the remainder (2.1%) between one and three years.

‘These figures reflect a busy 2019 for our Local Market sales team,’ said Swoffers director Andre Austin.

He said they had noticed an improvement in the market and well-priced properties selling quickly and more people looking to put their properties onto the market and move up the property ladder or downsize to something more manageable.

‘Property investors are also more active, with a strong rental market encouraging sales,’ he said.

‘Average property prices are not the best indicator of the strength of the market, but the top end of the local market has been a bit sluggish so far this year.

‘Once there’s a bit more certainty about the outcome of Brexit we may see this improve,’ said Mr Austin.