The Thanet Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Thanet property buyer has faced over the last few years is a lack of choice – there simply hasn't been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Thanet, the market is likely to see upward pressure on property values continue.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Thanet property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Thanet has increased.
For example, last month CT12 saw 62 new properties coming on to the market, not bad when you consider for the last year the average has generally been in the 40 to 50 range. With the average Ramsgate property value hitting a record high, reaching almost £217,100 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure, but there is a glimmer of hope that the Ramsgate supply crisis may be starting to ease.
As I write this article, 4.38% of Ramsgate properties are up for sale. In terms of actual chimney pots, that equates to 647 properties on the market in Ramsgate (within 2 miles of the centre of Ramsgate) – which, when compared to only a year ago when that figure stood at 597, is a steady increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading...
· Detached Properties in Ramsgate - 122 on the market a year ago compared to 134 on the market now – an increase of 10%
· Semi Detached Properties in Ramsgate - 132 on the market a year ago compared to 152 on the market now - an increase of 15%
· Terraced Properties in Ramsgate - 65 on the market a year ago compared to 131 on the market now - an increase of 102%
· Flats / Apartments Properties in Ramsgate - 231 on the market a year ago compared to 201 on the market now – a decrease of 13%
With realistically priced properties flying off the shelves and this increase in new properties (especially terraces), this is evidence of strength in the Thanet housing market that many didn't expect. Many believed that the Thanet property market wasn't going to be strong enough post Brexit - as what was a sellers' market before the Brexit vote and Buyers' market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won't continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won't be down to Brexit but a re-balancing of the Thanet Property Market – which is good news for everyone.
For more thoughts on the Thanet Property Market, please visit the Thanet Property Blog . www.thanetproeprtyblog.com