What’s happening to the housing market in Staines?
It’s undoubtedly the case that we in England have something of an obsession with property, but with fluctuating reports of the market here, what can we make of it for our town?
The return of interest rates to levels traditionally seen before recent years of historically low rates has caused some turbulence, but it does not mean the market is flat.
In the past few weeks, a report in the Financial Times said sellers are lowering asking prices to secure deals and the Nationwide said prices are dropping at a level not known since 2009. However, this does not mean tumbleweed time.
What sometimes gets overlooked is that many sell for lifestyle rather than financial reasons. Some might delay downsizing knowing that a few percentage point drop will hit them in the pocket, but some won’t.
It also creates opportunities for those trying to climb the ladder to grab a bargain.
Staines, Spelthorne and the surrounding areas will always be in demand. We live in a wonderful part of the country, with natural beauty and arguably the world’s most exciting city both on our doorstep. It is a place less likely to suffer from a problematic market than many parts of the country.
Currently, a semi-detached property costs in the region of £500,000, and a detached £750,000 according to property selling website Zoopla. The typical house in the UK is currently valued at £258,000 according to the Nationwide survey above.
Whilst the property market is far from buoyant this is being counteracted by lenders showing flexibility with terms and deals.
It is certainly a period of transition, but at Dale & Newbery we’ve seen it all before. For over 110 years we’ve been part of the fabric of the town. From wealthy property experts to first time buyers taking their first steps in apartments, we’ve overseen the conveyancing for them all.
We hope this provides some balance, because sometimes when we read the headlines seeing the bigger picture can sometimes be overlooked.
If you wish to talk to us about any issues relating to property, please get in touch.