Market Update Feb/March 2018

Thu 08 Mar 2018

 

Unexpected jump February’s annual price growth

SELLING, SELLING, SOLD!!
 

February has been a busy month in residential sales and March has already shown signs of a strong month ahead. Stoke-on-Trent and surrounding areas have shown continued growth, with more people committed to selling and buying than in recent months.

First time buyers have more freedom now than ever when it comes to buying their first property, so it’s no surprise that they are the largest group of buyers this year so far. With no stamp duty on property under £250,000, and help-to-buy mortgages and 5% deposits, these incentives are a massive boost in kick-starting the property market in early 2018 and bumping up average sold prices across the UK. So how are we performing?



Market Movement - Stoke-on-Trent

As First Time Buyers have more freedom and mortgage rates continue to be low. 

The style of properties selling and price average within

‘ST’ postcodes have increased while also becoming more diverse.




 
 
No. of properties
Average price
Median price
Average OTM
152
£91,389
£84,950
246 days
304
£87,458
£79,950
129 days
269
£134,181
£125,000
113 days
84
£269,085
£242,500
105 days



With the market looking so healthy at the moment, average selling times within ‘ST’ postcodes have also changed for the better:

Almost 80% of our properties listed achieve full asking price – now that’s impressive.  We do not believe in over-pricing to win new listings. Reducing the asking price of our properties is a rarity and our current average selling time is just 4-6 weeks.

 

 

Kind Regards,

Chloe Williams

Sales and Lettings Manager

M: 07721 758 093