Those of you who regularly read my weekly articles in the Huddersfield
Property Blog will know I like to keep abreast of the Huddersfield property
market. Something attracted my attention this week about the local property
market, something I wanted to share with my many readers.
Over the last month,
there appears to have been an anomaly in the local property market, whereby
asking prices in the town have remained the same, yet property values have
increased. The average asking price of a Huddersfield property, according to
Rightmove, stayed the same this month yet the average value of a Huddersfield property rose by 0.6%.
So how does this relate in monetary terms? This anomaly means the average asking price of a
Huddersfield
property is £183,200 whilst the average value
is now £161,800.
So why the difference? Technically an ‘asking price’ can be any price that a homeowner wants to place his
or her property on the market for. Unfortunately, many times this is done
without research and can result in overpriced properties that don't sell. As
the Summer months are normally slightly quieter those left on the market
wanting to sell often temper their asking prices in these months to try and
generate interest in their property.
On the other side of the coin, the property ‘value’ is the price that a willing
buyer is prepared to pay and a willing seller is prepared to sell at. Therefore,
in a nutshell, Huddersfield property values are continuing to rise and those homeowners
in Huddersfield who have properties on the market, last month on average kept
their asking prices the same .. great news for property owners and buyers
alike!
In previous articles, I have spoken about the continued
fundamental shortage of property coming on to the market compared to buyer
demand. That is especially true for homeowners wanting to upgrade to a better
house/better location. I can appreciate Huddersfield
home owners are reluctant to put their own property on the market speculatively
and wait for the right property to become available and some high demand
locations can suffer from a property stalemate.
Most homeowners don’t want to sell and have
nothing to buy.
But that’s the beauty of the much
maligned English and Welsh house buying process. You can find a purchaser for
your property, then ask them to wait. By agreeing a sale (subject to contract)
before you try to buy sounds concerning to many, but with fewer properties for
sale you need to have a buyer for your property or you will be treated as a
less serious buyer yourself. If you cannot find the right home for you, you can
slow the deal with your purchaser until it comes along. If nothing suitable
does comes along and you lose your buyer then the worst outcome is that you
have to find another purchaser or take your property off the market and stay
put for now, and as long as you mention this at the start they must not commit
to any costs until you have agreed your onward purchase.
However, for the landlord/buy to let investors, these
potential problems are nothing further from the truth. As I write this article,
there are over 130 flats for sale, over 590 terraced houses and over 360 semis
for sale in Huddersfield. Landlord/Buy
to let investors can normally pick up some bargains in the Autumn months, as
sellers who are selling their homes often have a pressing need to sell by this
time.
The types of houses a Huddersfield landlord typically buys,
are not the same types as the homeowners wanting to move to a posher area of
the town as they are attracted by larger semis and detached properties. The
best types of properties for buy to let are the smaller flats, terraced and
semis (not the big detached ones). There are in fact too many of these smaller
properties for sale .. just look at the numbers of properties for sale
(mentioned in the previous paragraph).
If you are a landlord or thinking of become one for the
first time, and you want to read more articles like this about the Huddersfield
Property Market together with regular postings on what I consider the best buy
to let deals in Huddersfield, out of the hundreds of properties on the
market, irrespective of which agent is
selling it, then you might like to visit the Huddersfield Property Blog http://huddersfieldproperty.blogspot.co.uk/
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