It might surprise you to know that in the last year, property prices in Brampton sold on average for 12% more compared to 2019. This brings the overall average sold price in 2021 to £355,410 in Brampton, with detached properties fetching an average of £458,023 and semi-detached properties achieving £301,286 on average, according to Rightmove.
The pace of house price growth may seem counterintuitive, given the growing economic uncertainty gripping the country. With mortgage rates increasing and the cost of living rising at a record pace, more people are taking the time to focus on this before selling their homes. However, the fundamental factor driving this growth is simply that buyer demand still outweighs the supply of homes being built or listed for sale.
Following on from the property boom after the lockdown in 2020, we have seen approximately a 40% decrease in property completions in Brampton alone. The demand for houses is still very high with the number of potential buyers 61% higher than the five-year average.
Brampton appears to be holding on above the national average for house price growth with the average sale price of £250,200 across the UK. Data shows that nationally house prices increased by 8.4% during the year to the end of April 2022, and the property market is showing signs of slowing down, but growth is still expected, albeit at a more modest 2% - 4% over the next 12 months.
When the market opened back up after Covid it saw a lot of homeowners re-assessing their need for space and with working from home being a popular option, it gave them scope to move further away from city centres and look at markets which offered more space at more affordable prices which in turn created the greatest competition for these homes.
Now the city centres have reopened, more workers are returning to the office which is helping return the market to pre-pandemic conditions. There has been a step up in demand for flats in city and town centres, with this part of the market having been relatively subdued compared to the competitive market for terraced, semi-detached and detached properties during the last 18 months.
There is however some good news for both buyers and sellers alike! The data on supply levels suggest that the market is now at a turning point and the squeeze for supply is starting to ease. New listings are starting to run ahead of the five-year average level, suggesting that more homeowners are now putting their homes on the market. This will put even more homeowners at ease when considering whether to market, as at present a lot of vendors worry that in such a fast-paced, and competitive market they will not be able to secure a purchase.
It will take a little while to unwind the large imbalance between buyer demand and supply, but this is a sign that more properties are hitting the market at more sustainable prices, which will also lead to ‘normal’ market conditions and an easing of upwards pressure on pricing.
Brampton is a very desirable village, with many buyers looking to move here. If you are considering a move or would just like to know how your property would compare with today's market, please reach out to me for your free, up-to-date market appraisal.
Your local property expert,
Villager Homes, Brampton