Full steam ahead for Portsmouth Property market
What a year it’s been so far for the Portsmouth property market.
The amount of positive sentiment we’re picking up from buyers and sellers who visit our branch every day confirms that the city is better insulated from the cold spell being experienced in some other parts of the UK market.
It didn’t take long before we started to see why people have been so positive. Data from the Land Registry shows that prices rose by 16.2 per cent over the last three years, and now sit 180 per cent higher than they did in 2000.
For context, that means that the average Portsmouth home has increased by £8,500 per year over that period.
But does this mean that the market has peaked? Not by a long shot. In fact, we think that the Portsmouth property market has a lot of steam left in it.
The reason is simple. Every market is underpinned by supply and demand. Here, the supply is made up of a very high-quality housing stock, with a manageable amount of new build.
The demand side, which is essentially all of the lovely people who want to live here, is diverse, motivated and growing.
So we have lots of reasons to be confident that upward pressure on prices will continue and our market will go from strength to strength.
There’s plenty more to report in our Portsmouth Property News for June. Over the past nine months the proportions of flats and house sales in our area has remained fairly steady.
The percentage of flats sold has hovered around the 20 per cent mark with houses making up the rest of sales.
January of this year was the high point for flat sales with about 28 per cent sales. While, perhaps unsurprisingly, December 2018 was the lowest with under 10 per cent flat sales.
Property types are a handy measure of the shape of the market. For example, areas with lots of flats tend to be urban in character because there is huge pressure on land.
A large number of detached homes means that the area is suburban and not very densely populated.
If you’re thinking about making your next move, make sure you give yourself the inside track – and the best way to do that is to use the help of a local market expert.
Please don’t hesitate to get in touch for more information or if you are thinking of moving. We’re always pleased to see people drop into our office at Copnor Bridge or by all means give us a ring on 023 9282 6731.