Local Property Experts Discuss The Local Property Market!
As local property experts, we know everybody claims the conditions within the local market have been tricky to say the least! However, it seems that selling your property is not going to be the impossible task you may have been led to believe… Using Land Registry data, Charlie at WitLet has done some research to demonstrate how properties have sold in the area and the tips and tricks!
Analysing the data
- Over the last 12 months, there have been 645 property sales in Witham, Essex. That works out (even with my rudimentary maths) at just under 54 sales a month within the town. Moreover, the average sale price was £266,051.
- 26% of these properties were flats, of which the average price of was £174,407. These properties are the only values that are less than the regional average.
- Terraced houses sold on average for £248,240 while the average regional sold price was £247,621
- Semi-Detached houses as per the above conditions for £292,601 while the regional average £291,487
- Finally, Detached houses were sold way over the regional average in Witham – the average sold price was £483,526 while the regional average was £403.021
Furthermore, and really quite interestingly, over the past 12 months, the % change in average values in Witham was 5.1% as opposed to the regional average of 2.0%!
So, why can you not sell you property?
Brexit has, no doubt, had a huge impact on the market but have you considered your value? Looking at Rightmove today (24th April 2019), an agent has listed a two bed apartment at £200,000 that has had a price reduction within the last 24 hours, another two bed flat that was reduced in November to £180,000 – basically, if the property is over priced, it will not sell. It’s really as simple as that! (interestingly, the average sold price from March 2018 to February 2019 has increased by £10,000 in comparison to the regional average remaining fairly stable)
While we understand everyone wants as much as possible for their number one asset, its always worth bearing in mind that prices are relative. If you have to take a £10,000 hit on your property, then the property you want will have to take the equal hit to ensure go through. Also, its more than likely that the value is going to be fairly constant throughout the local area (unless you are looking to buy a new build property).
So, have you had your property on the market with no success? Are you considering selling your property in Witham, Essex any time soon? Why not discuss your property with someone who uses data properly and can demonstrate the local market with exact information? Contact WitSell on 01376502450 to arrange your free no obligation appointment!