Tuesday, 22 November 2016

Canterbury Housing Crisis? Only 2.1% of Canterbury Homes Are For Sale

The Canterbury Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual as we head towards Christmas.
The challenge every Canterbury 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 Canterbury, the market is likely to see upward pressure on property values continue.
For example, last month CT2 saw 71 new properties coming on to the market, not bad when you consider for the last year the average has been predominantly in the 40 to 60 range. With the average Canterbury property value hitting a record high, reaching almost £331,000 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure.
As I write this article, 2.1% of Canterbury properties are up for sale. In terms of actual chimney pots, that equates to 320 properties on the market in Canterbury (within 2 miles of the centre of Canterbury) – which, when compared to only a year ago when that figure stood at 317, is a slight 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 Canterbury  - 59 on the market a year ago compared to 41 on the market now – a decrease of 31%
  • Semi Detached Properties in Canterbury - 55 on the market a year ago compared to 73 on the market now - an increase of 33%
  • Terraced Properties in Canterbury - 54 on the market a year ago compared to 63 on the market now - an increase of 17% 
  • Flats / Apartments Properties in Canterbury  - 132 on the market a year ago compared to 114 on the market now – a decrease of 14%
This is evidence of strength in the Canterbury housing market that many didn't expect. Many believed that the Canterbury 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 Canterbury Property Market – which is good news for everyone.
For more thoughts on the Canterbury Property Market, please visit the Canterbury Property Blog www.canterburypropertyblog.com

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