The Boston Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Boston 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 Boston, the market is likely to see upward pressure on property values continue.”
For example, last few months PE20 has seen an average of 32 new properties coming on to the market, not bad when you consider for some months last year the average has been as low as 20. With the average Boston property value hitting a record high, reaching almost £161,000 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Boston’s supply crisis may be starting to ease.
As I write this article, 3.07% of Boston properties are up for sale. In terms of actual chimney pots, that equates to 428 properties on the market in Boston (within 2 miles of the centre of Boston) – which, when compared to only a year ago when that figure stood at 333, is a serious 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 Boston – 152 on the market a year ago compared to 176 on the market now – an increase of 16%
- Semi Detached Properties in Boston – 81 on the market a year ago compared to 97 on the market now – an increase of 20%
- Terraced Properties in Boston – 51 on the market a year ago compared to 68 on the market now – an increase of 33%
- Flats / Apartments Properties in Boston – 36 on the market a year ago compared to 67 on the market now – an increase of 86%
This is evidence of strength in the Boston housing market that many didn’t expect. Many believed that the Boston 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 Boston Property Market – which is good news for everyone.
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For more thoughts on the Boston Property Market, please visit the Boston Property Blog http://www.bostonpropertyblog.co.uk