2017 has started with some positive interest in the Thanet
property market. Taking a snap shot of
the Thanet property market for the first quarter of 2017, the picture suggests some
interesting trends when it comes to the number of properties available to buy,
their asking prices and what prices properties are actually selling for.
Let us first consider the number of properties for sale in
Ramsgate, compared to 12 months ago:
Type
of Ramsgate Property
|
Number
of Properties on the Market 12 months ago
|
Number
of Properties on the Market now
|
%
change
|
Detached
|
103
|
96
|
-7%
|
|
|
|
|
Semi
|
121
|
132
|
+9%
|
|
|
|
|
Terraced
|
76
|
94
|
+24%
|
|
|
|
|
Flat
|
218
|
163
|
-25%
|
So when we add in building plots and other types of
properties that don’t fit into the four main categories, that means there are 514
properties for sale today compared with 564 a year ago, a drop of 9%.
Next, Ramsgate
asking prices, compared
to the same as
a year ago, are 4% higher.
With that in mind, I wanted to look at what property was
actually selling for in Thanet. Taking my information from the Land Registry,
the last available six months property transactions for CT11 show an interesting
picture (note the Land Registry data is
always a few months behind due to the nature of the house buying process and so
November 2016 is latest set of data). The price shown is the average price
paid and the number in brackets is the number of properties actually sold.
|
Jun-16
|
Jul-16
|
Aug-16
|
Sep-16
|
Oct-16
|
Nov-16
|
Detached
|
£362,000 (4)
|
£371,500 (7)
|
£307,125 (4)
|
£285,250 (2)
|
£308,333 (3)
|
£292,000 (5)
|
Semi
Detached
|
£243,444 (9)
|
£283,607 (14)
|
£252,833 (15)
|
£280,790 (5)
|
£223,360 (10)
|
£218,294 (13)
|
Terraced
|
£209,302 (23)
|
£219,832 (27)
|
£216,663 (23)
|
£207,487 (15)
|
£186,906 (24)
|
£222,968 (16)
|
Flat
|
£135,438 (17)
|
£128,423 (13)
|
£140,964 (14)
|
£124,124 (8)
|
£140,409 (11)
|
£124,899 (15)
|
All
|
£202,931 (53)
|
£232,392 (61)
|
£213,888 (56)
|
£202,658 (30)
|
£191,434 (48)
|
£198,750 (49)
|
So what does all this mean for
the property owning folk of Thanet?
Well, with less property on the
market than a year ago and asking prices 4% higher in Ramsgate, those trying to
sell their property need to be mindful that buyers, be they first timers, buy
to let landlords or people moving up the Thanet property ladder, have much more
price information about the Thanet property market at their fingertips than
ever before.
Those Thanet people who are
looking to sell their property in 2017, need to be aware of the risks of over pricing
their property when initially placing it on the market. Over
the last 12 months, I have noticed the approach of a few Thanet estate agents
is to suggest an inflated asking price to encourage the homeowner and secure
the property to sell on their books. The down side to this is that when offered
to the market for the first time, buyers will realise it is overpriced and wont
waste their time asking for a brochure. They won’t
even view the property, let alone make an offer. So
when the price is reduced a few months later, the property has become market
stale and continues to be ignored.
Whilst
the Thanet property-market has an unassailable demand for property – there is
one saying that always rings true - as long as the property is being marketed at
the right price it will sell.
If you want to know if your Thanet property is being
marketed at the right price, send me a web link and I will give you my honest
opinion. www.thanetpropertyblog.com.
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