A recent article by Property Reporter comments on the significant increases in the number of property sale listings following the summer holidays, as they compare the numbers between August and September. They note that 65.6% of towns and cities in the UK reported an increase in the number of new property listings with the top three - Oxford, Torquay, and Chichester - seeing an increase of over 50% between August and September. We decided to compare this to our whole-of-market data to see what additional insight we could gather*.
In the Oxford postcode area, average asking price is £458,740, just over £100,000 above the current UK national average of £352,139. The current average time on the market in the area is 127 days, which is 12 days shorter than the UK average, and 2.3% of households in the area are currently listed. With a 71% increase in new listings reported in the article, a significant increase in supply, it will be interesting to see if there is enough demand for the properties. If not, we may see an increased average time on the market in coming months. Sellers in Central and South Oxford (OX1) are likely to sell their property most quickly - and for a much higher price - with the current average time on the market being 115 days and average asking price of £578 294. As the railway station is located in the OX1 area, and with train journeys between Oxford and London Paddington taking around an hour, it's unsurprising that the property asking price is almost 65% above the national average. In contrast, sellers in East Oxford (OX4) should prepare for a lengthier process with the houses there spending on average of 139 days on the market.
In the Torquay postcode area, the average asking price is £310,511, almost £42,000 below the UK average asking price, and average time on the market is 152 days (13 days longer than the UK average and 25 days longer than the South West regional average). Properties in West and North Torquay sell a little faster, with an average of 136 days on the market; the average asking prices are however much lower at £238,927. As the article reports a 60% increase in properties listed in the market, once again the increased supply in a low-demand area might increase the average time on the market even further.
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*Data correct as of 10/10/2017