What really happened in the PE4 Property Market in September 2019?

Werrington, Gunthorpe, Walton & Paston

(Data taken from Rightmove 1/9/2019 – 30/9/2019)

Welcome to September's housing market report.  September was a bit of a strange month, new properties to the market were up by 16% on September of last year, but sales were down 23%. 

 We’re only weeks away now from Brexit, and we do feel that this is having an affect on buyers confidence.  
Iain McKenzie, chief executive of The Guild of Property Professionals, quoted
"We are confident that once a decision is made and we have a clear path ahead, we will see a resurgence in activity and buyers returning.  When the extension of Brexit was announced [in March] there was a spike in activity in the market, which again reiterates the fact that it is uncertainty holding buyers back rather than a lack of interest."  


What sold and where?

In PE4 there were 36 properties sold compared to last September where 47 properties sold, which is a decrease of 33.3% of sales compared to August 2019.  However, 65 properties came onto the market which is an increase of 16% compared to last September.  66.6% of the properties sold were 3 bedrooms.  Could this mean the strongest buyers in the market in September were upsizing from their first homes?  Half the amount of terraced properties sold this year compared to 2018, but 75% more bungalows sold this September compared to 2018.  

This month the most expensive property to sell was a 4 bedroom detached family home in Hythegate, Werrington.  According to Rightmove this property had been for sale since 7th December 2018 with an asking price of offers in excess of £350,000.  The original asking price was £370,000 when it was first marketed 9 months ago, which suggests the original asking price was too high.  
The cheapest property to sell was a 2 bedroom flat in Chadburn, Paston.  According to Rightmove this sold in 14 days, and was an ideal purchase for a first time buyer or investor. 

Price Reductions

 There were 37 price reductions last month, 19.4% of these being made by just 1 agent.  Are they being overzealous with their pricing in an attempt to woo new clients?

Price Range of Properties Sold        
Upto 100k –                    1        
£100,001 – £150,000 –   4        
£150,001 – £200,000 -   17        
£200,001 – £250,000 -   7        
£250,000+ -                   7

Sales by Postcode
PE4 5 -  6
PE4 6 -  8
PE4 7 -  22

To keep upto date with what's happening in the PE4 market check out our website at www.newtonfallowell.co.uk/branches/werrington-estate-agents or email us at werrington@newtonfallowell.co.uk.  Why not take a look at our Facebook page for local info, top tips and much more - www.facebook.com/NFWerrington/