The Bedford 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 Bedford 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 Bedford, the market is likely to see upward pressure on property values continue.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Bedford property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Bedford has increased.
For example, last month in MK42 saw 155 new properties coming on to the market, not bad when you consider for some months last year the average was as low as the early 80’s. With the average Bedford property value hitting a record high, reaching almost £311,600 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 Bedford’s supply crisis may be starting to ease.
As I write this article, 2.36% of Bedford properties are up for sale. In terms of actual Chimney Pots, that equates to 662 properties on the market in Bedford (within 3 miles of the centre of Bedford) – which, when compared to only a year ago when that figure stood at 488, 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 Bedford – 133 on the market a year ago compared to 198 on the market now – an increase of 49%
- Semi Detached Properties in Bedford – 118 on the market a year ago compared to 176 on the market now – an increase of 49%
- Terraced Properties in Bedford – 49 on the market a year ago compared to 93 on the market now – an increase of 90%
- Flats / Apartments Properties in Bedford – 144 on the market a year ago compared to 157 on the market now – an increase of 9%
With realistically priced properties flying off the shelves and this increase in new properties, this is evidence of strength in the Bedford housing market that many didn’t expect. Many believed that the Bedford 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 Bedford Property Market – which is good news for everyone.
For more thoughts on the Bedford Property Market, please visit the Bedford Property Blog : www.bedfordpropertyblog.com