Is now a good time to buy in the Dunstable property market?
It’s not a good time - it’s a great time! The amount of excitement we’re picking up in the office every day is quite something. We’ve got bags of experience between us and have seen the market at its best and its worst, but the way positive sentiment has grown so quickly over such a short period is remarkable.
As you may well be aware, the housing market moves in cycles. After a period of consistent house price growth, things start to cool and transaction levels fall. Then comes a point when buyers feel like the market has ‘hit the bottom’ and pile back in trying to take full advantage of the next period of price growth. Prices always rise in the long term, and during the last housing cycle (between 2009 and 2017) prices rose by 55.7 per cent and now sit at £304,100.
Don’t be fooled by what the national press is reporting (they’re often looking at data which is out of date because of the lag in Land Registry data). Those who have their ear closest to the ground are picking up the strong scent of a market about to start firing on all cylinders again.
The potential rewards of getting your timing right are huge. Price growth has been slower over the last year, so the market is now awash with opportunities. If the next cycle plays out as the last one did, the average Dunstable homeowner will make £11,900 per year over the next 10 years, just by owning a home. If you want to make your next move the best yet, give us a call.
Quarterly index of sales by house type
This chart has indexed the levels of transactions for flats and houses over the last eight quarters. That means it takes the actual level of sales at the start of the period and converts them to 100, and then you can see the relative changes running up to the present.
Mid market and premium price points
We define the premium properties as those with a price in the top 5% of all local houses. Likewise, we define the super-premium end of the market as the top 1%. This chart shows those prices points in the context of the mid-market.
How many people have cars?
The profile of car ownership is a great signal of the practical needs of residents in a local market. Most households have a car, but the number owned varies enormously based on the type of area. For example, if you live in a one bedroom flat in a city you're much less likely to own a car than if you live in a commuter suburb.