Buyer demand is still going strong in our local area according to recent findings by house selling weather forecast, PropCast, with Grantham leading the way.
PropCast analyses buyer demand across England to see what percentage of homes for sale are being snapped up, and we thought we’d see how some of the areas we sell country houses in are performing. Here are the results in order of market heat…
|Location||Market Heat||Type of Market|
|Grantham||74°||Very hot sellers’ market|
|Stamford||73°||Very hot sellers’ market|
|The Deepings||72°||Very hot sellers’ market|
|Rutland||67°||Very hot sellers’ market|
|Bourne||67°||Very hot sellers’ market|
|Spalding||62°||Very hot sellers’ market|
So what does this all mean for local sellers?
The PropCast tool calculates ‘Sold STC’ and ‘Under Offer’ properties as a percentage of ‘total stock’ for sale, down to postcode district level. The temperature metaphor is often used when describing property markets and so using artistic license, the tool uses a degree to express a percentage.
Markets states are designated as follows:
· 0° – 25° = very cold / extreme buyers’ market
· 26° – 34° = cold / buyers’ market
· 35° – 49° = hot / sellers’ market
· 50° -100° = very hot / extreme sellers’ market
Using Grantham as an example, PropCast says it has a market heat of 74°. This means 74% of homes for sale are under offer or subject to contract, indicating a very hot sellers’ market where it is much easier to sell a property, and quickly. The results for Stamford, The Deepings, Rutland, Bourne and Spalding are just as impressive.
We too have seen how hot our local housing market is right now. The country house market has certainly thrived over the last two years, and it is still going strong despite a rise in energy costs and mortgages. Our homes are attracting buyers soon after they launch whether off-market or on the open market, with both local and London buyers being a key part of those transactions. Some buyers are a little bit more cautious about how much they spend now, but we are still going to sealed bids and bidding wars due to the volume of people liking what they see.
For example, in the Rutland village of Seaton, one home went to sealed bids with the winning bid being 13.7% over the asking price, whilst we agreed a sale on another house two days post launch at 7.6% over the asking price. In a small village just outside of Stamford a buyer paid full asking price within a few days of launch. Meanwhile our Oundle office secured a sale on a house 3.3% over the asking price before it hit the open market, whilst in a small Lincolnshire village we had an open house where the buyer instantly paid full asking price.
Find Out More
For more information about how our Fine & Country team can help achieve success for you in any of these locations, contact Jan or Ildi on 01780 750 200 or e-mail firstname.lastname@example.org.