Local market property transactions in the second quarter of this year have been the highest for seven years.
There were 228 sales during Q2, 51 more than the previous quarter and 45 more than the same quarter of 2018.
Three-bedroom bungalows and houses accounted for 16% of all transactions – the highest proportion of all property types. The distribution of sales in the second quarter shows a peak in the £300,000 to £399,000 category.
“These figures reflect a busy 2019 for our Local Market sales team at Swoffers,” says Director, Andre Austin.
“We have certainly noticed an improvement in the market with well-priced properties selling quickly and more people looking to put their properties onto the market and move up the property ladder or downsize to something more manageable. Property investors are also more active with a strong rental market encouraging sales.”
The average purchase price for Local Market properties was £427,893 in the second quarter of 2019, 0.6% higher than the previous quarter and 4.2% higher than the second quarter of 2018.
“Average property prices are not the best indicator of the strength of the market, but the top end of the Local Market has been a bit sluggish so far this year. Once there’s a bit more certainty about the outcome of Brexit we may see this improve,” says Andre.
Open Market sales remain consistent with 12 transactions in quarter 2 compared to 14 in the same quarter of 2018.
