The Office for National Statistics report UK annual house price price growth in the 12 months to December 2021 was 10.8%. The average UK property has risen in value by nearly £27,000 over the course of 2021.
What have we seen in Melton Mowbray? House Prices in LE13…
The average house price for Melton Mowbray in the year to December 2020 was £249,337. In the year to December 2021 this was £270,287 – an 8.4% increase over the 12 months.
This doesn’t tell the whole story though. I think we should consider the prices before February 2020 and the prices today. The increased availability of lending and the pandemic have created the perfect environment for the increase of house prices.
Speaking to buyers the lack of properties coming onto the market are limiting their options and this increases the pressure to make a quick decisions for the fear of losing out. Looking on the portals it is easy to see how few properties are for sale in LE13.
When I looked into the number of sale completions for LE13 this showed in the period of February 2019 to February 2020 there were 536 sale completions. When you compare this to the period December 2020 to December 2021 there were only 395 sales completions. This included the time when we had the reduction of the stamp duty payment designed to encourage the property market.
So many home owners are put off listing their property for sale as they are concerned they will not find a property to buy which compounds the problem. When properties do come onto the market it means those that do will garner a lot of interest.
Closer look – Eagles Drive, Melton Mowbray.
The majority of sales around Eagles Drive during the last year were semi-detached properties, selling for an average price of £180,500.
Mike Ford have recently listed a good example of a 2 bed semi detached property with a garage and off road parking for £195,000. Looking at the sales data for that area I could identify that this type of property sold for £144,000 in 2018, £160,000 in February 2020. This demonstrates a 35% increase in value for a property like this since 2018.
This type of home will continue to attract capital growth as it provides future opportunities. There is off road parking allowing for the charging of electric vehicles, something that will become evermore important. It is within the reach of many first time buyers and also investors looking to purchase a buy to let.
To maximise the value of your home in today’s market we are finding properties that do not require work are selling quickly. Undertaking work on a home can be daunting and expensive, especially as contractors are so busy at the moment and materials are increasing in price.
If you would like to know more about what your home could achieve we would be happy to visit and undertake a full market appraisal. Contact Alex Morrell to book an appointment
01664 569700 alex.morrell@belvoir.co.uk
