How many houses sold in South Somerset in June?
In June 2018, 185 properties sold ( SSTC ) in South Somerset. Can you believe, this is just four less than June 2017! However, it is a bit of a drop from May 2018, when 230 properties were sold. The South Somerset property market appears to be declining slightly at the moment. The biggest difference compared to 12 months ago is the decrease of sales between £125,001 - £250,000. It has dropped from 118 sales to 105 sales this year - almost an 9% decrease. Despite the new tax laws on buy to let, there has been an increase from 12 properties sold last year up to £125,000 to 20 this year.
June’s breakdown is as follows
Up to £125,000 20 properties sold
£125,001 - £250,000 105 properties sold
£250,001 - £500,000 45 properties sold
Above £500,000 16 sold
Why are the less expensive homes selling?
It’s always interesting when there is a shift in the property market and there are always local and regional fluctuations. The properties in the highest selling bracket are where most of us live and in turn there are more of. It does however give a very good indication as to the sentiment in the market as a whole. Quite simply when the traditional family home market is buoyant the rest of the market tends to be. When it is in decline, the rest of the market tends to be as well. There is some uncertainty within this sector at the moment and there is also still quite a lot of speculative pricing. Overpriced properties are simply not selling and so accurate pricing has become essential
What type of property sold?
I always like to see what has actually sold. Terraces are still the most popular selling home in South Somerset, although there were 2 fewer sales in the terrace market this month. Apartments sales were up by 6 however the biggest surprise was the increase in sales for detached homes which increased by 26%.
This is not unusual for the time of year as many sellers of detached homes like to sell in the Spring market and therefore the available stock is higher. It is often also the case that there are more “cash” buyers in this sector of the market buying their forever home. This means that the economic factors affecting the middle market are often different. There have also been a rash of price reductions in this part of the market with a typical reduction now in the region of 7% across south Somerset.
On a positive note at Orchards Estates we saw a number of homes achieve the full asking price in June. Hitchen in Merriott, The Toose in Yeovil (actually exceeded the asking price!), Friars Avenue in Yeovil are just some of these. 6 of our own sales were actually new to the market in June. It shows if you get your price and your presentation right - your home will sell. Why not find out more about this?
Sales by houses type
Detached 50
Semi - detached 32
Terraced 55
Flats / Apartments 17
Bungalows 25
Sales by area
Crewkerne and Ilminster went head to head this month with 29 house sales in each town.
Market towns are faring very well in today’s market offering a desired lifestyle with reasonable pricing when compared to larger towns in the district?
Yeovil 99 Properties (29 were terraced)
Martock 5 Properties (3 were terraced)
South Petherton 7 Properties (3 were detached homes)
Crewkerne 29 Properties (9 were detached homes)
Ilminster 29 Properties (9 were semi-detached homes)
Villages 10 Properties (1 was a bungalow)
If you would like to keep up to date with the local property market, check out our website www.orchardsestates.co.uk. If you’d like any moving advice and how we are getting houses sold despite the drop in property searches online - please get in touch. At Orchards Estates, we are here to help. Call us on 01935 277977 or 01460 477977.
P.S. Here is a little video about an issue that keeps cropping up for people when they try to use our Switching, Simply service. It really does show the importance of picking the right estate agent to sell your home.
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