The Chelmsford 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 Chelmsford 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 Chelmsford, 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 Chelmsford property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Chelmsford has increased.
For example, last month CM3 saw 145 new properties coming on to the market, not bad when you consider for some months last year it was as low the 110’s. With the average Chelmsford property value hitting a record high, reaching almost £374,500 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 Chelmsford’s supply crisis may be starting to ease.
As I write this article, 1.63% of Chelmsford properties are up for sale. In terms of actual chimney pots, that equates to 630 properties on the market in Chelmsford (within 3 miles of the centre of Chelmsford) – which, when compared to only a year ago when that figure stood at 514, 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 Chelmsford – 136 on the market a year ago compared to 205 on the market now – an increase of 51%
- Semi Detached Properties in Chelmsford – 107 on the market a year ago compared to 153 on the market now – an increase of 43%
- Terraced Properties in Chelmsford – 30 on the market a year ago compared to 51 on the market now – an increase of 70%
- Flats / Apartments Properties in Chelmsford – 217 on the market a year ago compared to 169 on the market now – a decrease of 22%
With realistically priced properties flying off the shelves and this increase in new properties, this is evidence of strength in the Chelmsford housing market that many didn’t expect. Many believed that the Chelmsford 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 Chelmsford Property Market – which is good news for everyone.
For more thoughts on the Chelmsford Property Market, please visit the Chelmsford Property Blog www.chelmsfordpropertyblog.co.uk
