The Portishead 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 Portishead 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 Portishead, 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 Portishead property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Portishead has increased.
For example, last month BS20 saw 125 new properties coming on to the market, not bad when you consider for some months last year it was as low as the 80 to 100 ranges. With the average Portishead property value hitting a record high, reaching almost £336,000 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 Portishead supply crisis may be starting to ease.
As I write this article, 1.99% of Portishead properties are up for sale. In terms of actual Chimney Pots, that equates to 185 properties on the market in Portishead (within 1 mile of the centre of Portishead) – which, when compared to only a year ago when that figure stood at 124, 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 Portishead - 39 on the market a year ago compared to 53 on the market – an increase of 36%
· Semi Detached Properties in Portishead - 19 on the market a year ago compared to 27 on the market - an increase of 42%
· Terraced Properties in Portishead - 6 on the market a year ago compared to 19 on the market - an increase of 217%
· Flats / Apartments Properties in Portishead - 53 on the market a year ago compared to 78 on the market - an increase of 47%
This is evidence of strength in the Portishead housing market that many didn't expect. Many believed that the Portishead 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 in 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 Portishead Property Market – which is good news for everyone.