Derby Property Market Snapshot

October has yet again been a busy month here at Hannells. Just ten weeks out from Christmas and there’s still a huge amount of activity in the Derby property market. Our local branches (Alvaston, Chaddesden, Chellaston, Mickleover and Littleover) are still seeing a great deal of interest in their properties and there are still plenty of new instructions coming to the market. 

Whilst there has been much media attention on the rather prematurely released “Help To Buy” scheme, we’re yet to see it have much of an impact on the amount of properties being purchased. Often this is the case with government backed schemes but we’re finding that very few people know what it’s actually about and how it can help them. We’re working on a “Help To Buy” evening as we speak where we’ll be giving out all the information you need and how it can help you to finance the purchase of your next dream home. Stay tuned for dates and a location! 

With regards to the market itself, there has been a slight dip in the amount of new properties becoming available over the last two weeks. However, 315 properties newly listed on rightmove.co.uk is still an excellent amount. As we get closer to Christmas, we would expect this to be a continuing trend as more and more people start to hold off until the New Year. However, this isn’t always the wisest option. You never know when somebody is out there looking for a property like yours. The longer you wait before getting your property on the market, the more opportunities you could be missing out on. There will always be buyers looking for property, at any time of year!

Included in those new listings was this executive four bedroomed, detached family home with a lovely conservatory in Chellaston:

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And this luxurious, Georgian style semi-detached home in the Littleover Community School catchment area:

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With regards to those lucky homeowners who were able to achieve a sale within the first fourteen days of marketing, there was a drop of 7 compared to the previous fortnight. However, 20 properties being sold within the first two weeks of marketing is still an excellent figure, especially considering the time of year.

The upper end of the Derbyshire property market has also experienced a slight dip in activity. There were 164 newly listed properties priced above £300,000 throughout Derbyshire, compared to 182 in the previous report.

There are even some £300,000 plus properties still managing to achieve a sale within the first fourteen days or marketing (or being reduced in price) showing that there is still plenty of interest in the premier property market.

For those of you that are regular listeners to Radio Derby, you may have heard Michael Brain (Hannells Managing Director) providing listeners with some sound and sensible advice earlier in the week. Some of the key issues that were raised were; 

1) Amidst all the media speculation of “national house price increases” (heavily influenced by the London market) it remains incredibly important to stay grounded and realistic when considering your own asking price. If buyers don’t think that your property price is aligned with what else is available in the area, you will still struggle to locate a buyer.

2) With the “Help To Buy” scheme now a hot topic, it’s never been more important to think about how you’re finances are going to be affected in the future. With Government backed loans and various terms and conditions, it’s still an excellent scheme but you need to make sure that you will not come up short later on down the line.

In other news from across the country, housing market activity increased sharply in September with the volume of residential valuations 55% higher than August and 65% up on September of last year. Here at Hannells, we’ve experienced similar increases with record amounts of sales over the last few months. It’s great news not just for the housing market but for economy as a whole and will hopefully continue into 2014!

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