Thursday, July 9, 2015

Fewer people are moving house in Bingham

Talking to other agents and people involved in the property industry around Bingham every last one of them told me they didn’t see any change over April in business, compared to any other month on the lead up to the Election itself.

In a nutshell, the General Election in Bingham didn’t really have any impact on people’s confidence to buy property.  As I write this article, of 54 properties that have come on to the market in Bingham  since the 2nd of April, 18 of them have a buyer and are sold subject to contract, that’s one in three (33.33% to be precise).

I think that things are starting to change in the way people in Bingham (in fact the whole of the country as I talk to other agents around the UK) buy and sell property.  Back in the 1970’s, 80’s and 90’s, the norm was to buy a terraced house as soon as you left home and do it up.  Meanwhile, property prices had gone up, so you traded up to a 2 bed semi, then a 3 bed semi and repeated the process, until you found yourself in a large 4 bed detached house with a large mortgage. 

A by-product of less people moving is less people selling their property. My research shows there are a lot fewer properties each month selling in Bingham compared to the last decade.  For example, in February 2015, only 14 properties were sold in Bingham. Compare this to February 2002, and 17 properties sold and the same month in 2003, 22 properties.  

I repeated the exercise on different sets of years, (comparing the same month to allow for seasonal variations) and the results were identical if not greater.  So what does this all mean?  

Demand for Bingham property isn’t flying away, but with fewer properties for sale, it means property prices are proving reasonably stable too. Stable, consistent and steady growth of property values in Bingham, year on year, without the massive peaks and troughs we saw in the late 1980’s and mid/late2000’s might just be the thing that the Bingham property market needs in the long term.

If you are considering investing in property please pop into see me at out office on the Market Place in Bingham or give me a call on 01949 714101.

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