Edwards Estate Agents

Are There Any Brexit Bargains Left in Stratford-upon-Avon?

October 11th, 2019

ARE THERE ANY BREXIT BARGAINS LEFT IN STRATFORD-UPON-AVON?

As with any change in the world, there will be winners and losers. Property is no different. As some big names go under and blame Brexit and others seem to thrive, is now the time to capitalise on the property market locally? With over 40% of Stratford properties sold in the past year, it’s a vibrant market.

But are there any Brexit bargains?

Brexit has certainly bought some ups and down for all areas and the housing marketing is no different. Some have won, some have lost a little, but are there bargains to be had, still?

Yes and no. To find a property bargain, you need to know the market and there’s not just one property market in the UK.

The British property market is split into lots of fragmented pieces and we operate in one those fragmented pieces.

The Stratford-upon-Avon property market is split into different areas. On the one hand you’ll have a street selling really well for elevated prices, where on the next street you can find property at comparatively lower prices.

According to leading high-end estate agent Coutts, property values in ‘Prime London’ have dropped by a massive 14.7% in the past 5 years, although those stats cover anything within a 1,500m radius of Kensington High Street above £4.6m.

In Stratford-upon-Avon the average house is just over £390,000 and has risen in value over those same 5 years by some 21.7%.

So, there aren’t necessarily bargains in Stratford, but a prosperous market all the same.

How is the Stratford-upon-Avon market performing?

The top end is slowing. One area we have spotted some issues with is the top end of the market (above £600,000) where some properties in Stratford-upon-Avon and surrounding areas are proving a little more difficult to sell.

This is likely to be down to overestimated asking prices and excessive stamp duty rates rather than Brexit, though.

Some interesting stats in the areas include:

  • Stratford-upon-Avon: 13.9% of properties for sale have reduced their asking price in the last 3 months by an average of 5.3%
  • 41.2% of properties on the market in Stratford-upon-Avon are being shown as under offer and Sold subject to contract

Where are the bargains in Stratford-upon-Avon?

First of all, you need to make sure you’re comparing like-for-like property.

Websites like Zoopla and Rightmove are a good start.

The way to do this is:

  • Click on the ‘include Sold STC’ in the filters
  • Arrange them in price order.

Now you’ll have a better idea about the property selling prices.

Taking a look at the recent sales is also recommended. 

Here’s how to do that in Rightmove:

  • Click on ‘House Prices’ on the main menu
  • On the next dropdown menu click on ‘Find Sold House prices’
  • Type in a street or radius
  • Click on ‘List View’ and they’re now in date order.

There’s a similar function in Zoopla, too.

Find the bargain and view it!

Once you think you’ve found a property for a reasonable price, go and view it and make sure you ask the agent why the sellers are moving.

By doing some simple, but essential research on the seller, you’ll be able to see how long it’s been on the market and whether there’s room for some negotiation. They might be keen to move.

If your own circumstances are favourable (first time buyer, no chain, etc.) then make sure you make a point of mentioning them.

There are certainly some savvy local landlords and home buyers taking advantage of the doom and gloom newspaper headlines.

As property owners’ expectations are probably at the lowest they’ve been since the last recession with the looming Brexit years, it could well be the time to make your move.

Stats

From Rightmove for Property for sale vs rent, salability, and reductions from ZPG.

Graphics

  1. You have the graph to export out – guide to get it out in hi-resolution https://drive.google.com/open?id=1iF5I-ddrcDm-ScsoCqIzxSyWQBFaPa_7
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