July 2017 - Waymark Property Report

We have just received the Land Registry information for prices paid for a residential property in July 2017 across the whole of the Vale of the White Horse.  We have analysed the data year on year back to the start of the decade to provide you with an insight into what is happening with prices and volumes transacted in our region.

As a headline summary, whilst completion volumes are down on last year, the gap is not as wide as in previous months.  There has been a very small dip in year to date prices compared to 2016.

Prices

Looking at July 2017, the average price across all property types (Detached, Semi-Detached, Terraced and Flats/Maisonettes) was £367,181.  This is a drop of £11,998 or 3.16% compared to the previous year.

Taking the longer-term view, there has been an increase of £67,506 (22.53%) since 2010.

Reviewing the average price by property type, year on year since 2010 for July, we see that the only property type to increase were Flats/Maisonettes going from £213,784 in July 2016 to £242,487 in July 2017 (£28,260 or 13.43%).  There were dips in the completion prices of Detached, Semi-Detached and Terraced properties, however, the gap between each of these property types remains consistent and is good for those considering an upmarket move.

Number of Sales

Previous property reports have shown a continuing decline in the total number of monthly completions.  What we have seen for July 2017, is a drop of 32.46% on the previous year and a 22.75% on June 2016.

Comparing July’s completions by property type to the previous month, we see a very similar split with Detached and Semi-Detached properties making up the majority of the completions.  Terraced properties maintain a uniform share with Flat/Maisonettes increasing by 4%.

Waymark Comment

As we have reported on previous months, the number of completions has been showing a downward trend.  June had certainly been more encouraging with a 32.34% drop in completions being a considerable improvement on the two previous months being 133.93% and 114.90%.

With July 2017 being a 32.46% drop in completions and being on a par with the previous month, we can see this as positive.

For England and Wales there was a 67.75% drop in completions from July 2016.  We are therefore encouraged that The Vale of the White Horse is out performing the national figures.

Our view is that with a reduced number of properties available asking prices are still being achieved.  However, with the industry reporting a drop in the number of applicants, there is still the need to remain realistic when it comes to pricing.