We have just had the data in from Land Registry for April 2018 which means it is time for us to take our monthly look at the property completion data for the Vale of the White Horse.
The headlines are a marked year on year drop in the volume of completions and a small percentage drop in year on year prices.
The average sold price across all property types, Detached, Semi-Detached, Terraced and Flats/Maisonettes for April 2018 was £385,550. This is a year on year change of -2.27% but an encouraging 1.42% increase on the March 2018.
As the below scatter diagram shows, the majority of the transactions are happening under £400,000 with a median figure across all property types of £340,000.
When looking at the average price by property type, we see that both Detached and Terraced went down (2.37% and 10.77% respectively) and Semi-Detached and Flats/Maisonettes showed a slight increase.
Whilst the year on year sales volumes for April 2018 are below the trend, 104 completions is a considerable improvement on March 2018’s total of 41. Detached properties were the most popular completions with 37, followed by Semi-Detached (31), Terraced (30) and Flats/Maisonettes (6).
April saw a dramatic increase in completions which does tally with an increase in new instructions and increased applicant registrations towards the end of January and February. We would need to see similar figures for May 2018 to have more confidence in saying that completions are increasing in volume as we get further into 2018.
With increased competition from the various new developments in the area, sellers need to price competitively to get the interest from prospective buyers and trust that their appointed estate agent has the requisite skill to negotiate accordingly.