West Bridgford property expert Andy Smith of Newton Fallowell gives us an update for April 2017, and views on the rest of the year.
The following information will give a guide to the past activity in the property market in and around West Bridgford.
The video commentary will explain the figures, discuss events that are present and affecting the market, whilst predicting what we are likely to see moving forward.
The current average property prices are as follows
Overall property prices have dropped slightly against a national backdrop of stagnant prices. The decrease is marginal and hides a couple of interesting anomalies. In Edwalton the new house sales have effectively reduced the average price overall.
This does not mean that the existing homes are now worth less it is simply the effect of introducing cheaper homes to market. The existing homes are also coming to market at a much slower rate, compounding the effect. Ruddington has had the same issue but the opposite effect.
The new homes have lifted the overall price and stimulated some very strong sales activity in existing homes. Everywhere else is strengthening against a stagnant national picture apart from Keyworth, which I expect will correct over the next couple of months
The following chart shows the progression of properties coming to market and selling over the past six months. This establishes a trend for the expectations of the property market.
April has produced some interesting figures. Instruction levels are slightly down on last month largely due to the announcement of a General Election toward the end of the month. This always has a cooling effect on the housing market.
Sales have increased slightly as expected, simply because the level of sales follows on from the previous instruction levels. The market should maintain a steady pace through the next couple of months and then depending on election results could start to move forward again for the run in to Christmas, which usually starts around August.
All figures have been researched from several property websites including Rightmove and Zoopla.