I have written many times before about house prices in Welling and the general trend has been a positive upward one, but at the moment, things are perhaps not so simple.
Last week Zoopla sent out their usual report on house prices in the DA16 area, and the figures can be seen below ...
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| Figures from Zoopla, June 2017 |
Referring back to my article in late March 2017, I note that the equivalent data was ...
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| Figures from Zoopla, March 2017 |
What does this tell us about house prices in Welling?
On first glance at the most recent figures lots of green arrows pointing upwards indicating price rises in the Welling area in recent times would be seen by most vendors to be a positive. I wouldn't necessarily disagree.
But you will note that the amount of the increase over the last 3-6 months is not as significant as it has been in the past, and also that transaction numbers are down.
But statistics can be used to prove anything, what is really happening in Welling?
From a personal perspective, running a local agency, and speaking to other local agents, vendors and landlords, the message seems to be the same from all - it is quieter than expected at present.
101%
For example, in the first quarter of the year, our main property type listed was a three bedroom semi-detached house in central Welling, in the £400,000-£425,000 range. We had 5-6. All sold, and the average achieved price was a fantastic 101% of asking price meaning more people were achieving over their expectations than under. Average sale time from first listing on the market to under offer was 2-3 weeks, some being a few days and some being a month or so. We had one sale collapse, and when re-marketing, the price achieved was HIGHER than the original sale agreed, not bad.
In the last three months, co-incidentally since an Election was called and then conducted, the market has slowed. Our main property type is still a family three bedroom house, and the prices being commanded are still in the £400,000-$425,000 bracket with the occasional one over and above if particularly modern or extended, but the prices achieved and sale time now? Average offers of £10,000-£15,000 below asking price, and sale times from marketing until offer accepted nearer to 4-6 weeks.
Reductions
And what is really interesting, is that across DA16 as a whole, there are more properties being reduced online than there are new properties becoming available. In fact, a quick search on Zoopla this morning shows that 39 of 88 properties currently available in Welling, DA16 have been reduced in the last month. Nearly 50%!
But don't be concerned, many of these properties are being reduced from what I would argue were ambitious figures in the first place.
In conclusion, it is my opinion that the market is a little slow at the moment, but that decent properties will still sell. However, for the time being at least, gone are the days of aiming high and hoping to get lucky, you must price your property sensibly in order to get the interest needed to achieve a sale.
And remember it is all relative, if you are taking an offer on your house for £5,000-£15,000 less than you had hoped, chances are the one you are buying elsewhere is in the same position and you can negotiate on that one to the same degree.
And ultimately, if you are serious about moving, you still will.
If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.
Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.
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