Only 34 Properties for Sale in Bexleyheath ... Is this an issue?

2017 has started with some positive interest in the Bexleyheath property market. Taking a snap shot of it for the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices, and what they are actually selling for.

Let us first consider the number of properties for sale (in DA6), compared to 12 months ago:

Type of Bexleyheath Property	Number of Properties on the Market 12 months ago	Number of Properties on the Market now	% change
Detached	5	8	+60%
Semi	10	17	+70%
Terraced	1	1	no change
Apartments/Flats	10	6	-40%

Together with building plots and other types of properties that don’t fit into the four main categories, there are 34 properties for sale today compared with 27 a year ago, a rise of 26%.

Next, Bexleyheath asking prices, compared to the same as a year ago, are 18% higher.

With that in mind, what is property actually selling for in Bexleyheath? Taking my information from the Land Registry, the last available six months’ property transactions for DA6 show an interesting picture (note that the Land Registry data is always a few months behind due to the nature of the house buying process, so the latest set of data comes from November 2016). The price shown is the average price paid and the number in brackets is the number of properties actually sold.

	Jun-16	Jul-16	Aug-16	Sep-16	Oct-16	Nov-16
Detached	£0 (0)	£517,500 (2)	£0 (0)	£415,000 (1)	£593,333 (3)	£455,000 (1)
Semi Detached	£365,000 (3)	£441,333 (6)	£440,625 (4)	£465,000 (5)	£473,167 (3)	£393,500 (2)
Terraced	£346,000 (3)	£367,750 (4)	£360,500 (5)	£430,000 (3)	£372,500 (2)	£0 (0)
Flat	£233,400 (5)	£259,250 (4)	£224,929 (7)	£237,000 (3)	£164,500 (2)	£256,667 (3)

So, what does all this mean for the property-owning folk of Bexleyheath?

Well, with more property on the market than a year ago and asking prices 18% higher, those trying to sell their property need to be mindful that buyers, be they first timers, buy-to-let landlords, or people moving up the Bexleyheath property ladder, have much more price information about the Bexleyheath property market at their fingertips than ever before.

Those who are looking to sell in 2017 need to be aware of the risks of over-pricing their property when they first place it on the market. Over the last 12 months, I have noticed that a few Bexleyheath estate agents suggest an inflated asking price to encourage the homeowner and secure the property to sell on their books. The down side to this is that, when offered to the market for the first time, buyers will realise it is overpriced and won’t waste their time asking for a brochure. They won’t even view the property, let alone make an offer. When the price is reduced a few months later, the property has become market stale and continues to be ignored. Whilst the Bexleyheath property-market has an unassailable demand for property – there is one saying that always rings true - as long as the property is being marketed at the right price it will sell.

If you want to know if your Bexleyheath property is being marketed at the right price, send me a web link, and I will give you my honest opinion. You’re also more than welcome to give us a call on 01322 559955 or to pop in for a chat. Our office is located in the heart of Bexley Village.