Welcome to this month’s property market review for South Somerset.
With the nights slowly starting to draw in, the arguments over when the central heating should be turned on, and the leaves all starting to change colour, it is a good time to reflect on the year so far and for some to be planning next year’s move.
I am asked a lot at this time of year, “Can I move home before Christmas?”. Well, it is probably a bit late now, but it could still be possible.
Let’s take a look at the South Somerset village market, to begin with, and then we can examine in a bit more detail some of the issues impacting the market locally.
Firstly, the South Somerset village market:
Properties in South Somerset had an overall average price of £310,133 over the last year.
The majority of sales in South Somerset during the last year were detached properties, selling for an average price of £424,904. Terraced properties sold for an average of £216,010, with semi-detached properties fetching £255,908.
Overall, sold prices in South Somerset over the last year were 14% up on the previous year and 21% up on the 2018 peak of £255,794.
There were a total of 160 new instructions in September, nearly double the month before. There were also 187 sales agreed. This clearly shows the continuing stock level issue that is making the market difficult at the moment. It is also a contributing factor to house price rises. This only really tells half the story of what is happening in the market.
If we look at the average time on the market for properties overall, the average time on the market is 206 days. Out of a total of 409 properties available, there are also 179 properties that have been on the market for over 12 weeks, otherwise known as “slow movers”.
Let’s have a quick look at how this has changed over the last year
One of the reasons that the market has been so busy over this year has been the stamp duty holiday. This came to an end on 1st October. This means the rates will return to the same figures that they were before.
The tapering that has been in place over the last few months will finally come to an end and the housing market will settle into the normal routine again.
If you would like a no-obligation chat about your home moving journey, please don’t hesitate to get in touch on 01935 277977 or 01460 477977.