The Carshalton Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Carshalton property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Carshalton, the market is likely to see upward pressure on property values.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Carshalton property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Carshalton has increased.
For example, in the last month or so, SM5 has seen an average of 64 new properties coming on to the market, not bad when you consider for some months in the last year the average has been as low as the high 30’s. With the average Carshalton property value hitting a record high, reaching £433,400 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Carshalton’s supply crisis may be starting to ease.
As I write this article, 1.11% of Sutton properties are up for sale. In terms of actual chimney pots, that equates to 778 properties on the market in Sutton (within 2 miles of the centre of Sutton) – which, when compared to only a year ago when that figure stood at 516, is a serious increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
· Detached Properties in Sutton – 99 on the market a year ago compared to 127 on the market now – an increase of 28%
· Semi Detached Properties in Sutton – 139 on the market a year ago compared to 200 on the market now – an increase of 44%
· Terraced Properties in Sutton – 34 on the market a year ago compared to 97 on the market now – an increase of 185%
· Flats / Apartments Properties in Sutton – 244 on the market a year ago compared to 354 on the market now – an increase of 45%
With realistically priced properties flying off the shelves and this increase in new properties (especially apartments), this is evidence of strength in the Carshalton housing market that many didn’t expect. Many believed that the Carshalton property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Carshalton Property Market – which is good news for everyone.