The housing market has had a tumultuous and unpredictable year – seeing lockdowns lift, stamp duty holidays come into place and stock shortages up and down the country. Despite these changes, the housing market in general has remained hot with Stamford and Bourne selling a total vale of £358,769,009 worth of property.
Sales Market
Over the last 12 months the average sales price in Stamford & Bourne was £300,246 with the highest value recorded by the Land Registry over the past 12 months was £500,000 for a flat and £3,250,000 for a house. 5% of these sales were flats/apartments achieving an average sales price of £155,429 whilst houses achieved an average price of £310,025. See the chart below to a break down of average prices by property type in comparison with the region and market as a whole:
A total of 1,140 total transactions which is almost 4% lower than last year but with a 10.6% average higher sales price. Main Street, PE8 saw the most action with the most number of transactions recorded.
Looking at the transactions that took place this year, March had considerably more action following a reasonable end to last year (2020). However, the market seemingly took a steep drop in July onwards just as the Stamp Duty Holiday was due to come to an end on September 30th.
According to the Stamford branch, this was very similar to the removal of double mortgage for married couples in 1988 which led to a very similar year, although this, combined with other economic factors, led to a property recession and the collapse of the market and house prices. The difference this year being a mad rush for the line to get transactions through – the creation of a false market – and for those who failed to benefit – withdrawal from the sale.
If we break down these transactions by property type, we can see that Detached properties were the most popular in Stamford and Bourne, followed by Semi-detached – fairly similar to the rest of the region.
“Hopefully things are calmer now and we expect a good supply in the New Year. Well-presented property in Stamford will still do well at the right price but Bourne struggles to go up in value because of the supply of new homes competing with second hand. It will be interesting to see if this happens in Stamford over the next couple of years with several major sites coming on stream.” – Steve Doyle, Stamford and Bourne Branch
Lettings Market
Over the last 12 months, the average rent achieved for properties let in Stamford & Bourne was £873 per month. This is a +12% change on the previous 12 month period.
From the chart below, we can see the average rent by room and by property type. If you were looking to invest in the Stamford and Bourne market based on this chart, you would potentially be looking for a 3 bedroom house or 1/3 bedroom apartment/flat to try achieve the best yield.
18% of properties let in the past 12 months were flats, achieving an average rental value of £678 per month. Houses achieved an average rent of £904 per month. 39% of tenants are aged between 18 and 29 with 37 years being the average.
For more information and advice about purchasing or renting out a property in 2022, give our expert team a call on 01780 723333
*Information taken from and sourced by DataloftInform
