A recent article by Property Reporter comments on the significant increases in the number of property sale listings following the summer holidays, as they compare the numbers between August and September. They note that 65.6% of towns and cities in the UK reported an increase in the number of new property listings with the top three - Oxford, Torquay, and Chichester - seeing an increase of over 50% between August and September. We decided to compare this to our whole-of-market data to see what additional insight we could gather*.
In the Oxford postcode area, average asking price is £458,740, just over £100,000 above the current UK national average of £352,139. The current average time on the market in the area is 127 days, which is 12 days shorter than the UK average, and 2.3% of households in the area are currently listed. With a 71% increase in new listings reported in the article, a significant increase in supply, it will be interesting to see if there is enough demand for the properties. If not, we may see an increased average time on the market in coming months. Sellers in Central and South Oxford (OX1) are likely to sell their property most quickly - and for a much higher price - with the current average time on the market being 115 days and average asking price of £578 294. As the railway station is located in the OX1 area, and with train journeys between Oxford and London Paddington taking around an hour, it's unsurprising that the property asking price is almost 65% above the national average. In contrast, sellers in East Oxford (OX4) should prepare for a lengthier process with the houses there spending on average of 139 days on the market.
In the Torquay postcode area, the average asking price is £310,511, almost £42,000 below the UK average asking price, and average time on the market is 152 days (13 days longer than the UK average and 25 days longer than the South West regional average). Properties in West and North Torquay sell a little faster, with an average of 136 days on the market; the average asking prices are however much lower at £238,927. As the article reports a 60% increase in properties listed in the market, once again the increased supply in a low-demand area might increase the average time on the market even further.
Properties in nearby Paignton (TQ4) take particularly long to sell, on the market for an average of 165 days, despite being priced below national average at £226,328. Just 30 miles south of Torquay, in Salcombe (TQ8), properties are perhaps unsurprisingly priced much higher, as the town is a popular resort situated in the South Devon Area of Outstanding Natural Beauty - listed on average at £772,447. The properties however spend a much longer time on the market - on average 215 days - 76 days longer than the UK average.
In the Chichester postcode area, consisting of areas PO18 (located just north of the city), PO19 (the city centre area) and PO20 (south of the city), the average asking price is currently £455,093, with properties spending on average 125 days on the market. Properties in the city area sell only slightly (8 days) faster than in the surrounding areas, which may be surprising considering the fact that properties in PO18 are listed at £636,663, almost £240K more expensive than the average asking price in the city, indicating a current healthy demand for the properties outside of the Chichester city area. The average current asking price for properties in PO20 is £428,573, with 2.76% of all properties in the area currently listed, spending on average 123 days on the market. In PO18, 2.47% of all properties are on the market; this percentage is lowest in PO19 with 2% properties currently on the market.
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*Data correct as of 10/10/2017