Take a trip down the A38 and see the price difference!

A few weeks ago I said that property values in Burton had risen by 4% over year, or to be more precise £6,600. The interesting thing is that this rise hasn't been a smooth rise. 12 months ago, prices in Burton were around £162,700, 6 months ago they reached the heady heights of £172,000; around 3 months ago, average prices had actually dropped to £167,300 but have since recovered in the last 3 months to today’s £169,300. This is great news for anyone who owns their own home in the town.

Looking at our neighbouring City of Derby, North along the A38, the average value of a  property rose by £11,900 in the last 12 months. My experience in both markets shows that what happens in Derby one year happens in Burton the next, which on the face of it, makes Burton properties a possible bargain.
However, take a road trip along the A38 to Lichfield and a completely different story has been seen. An average property in Lichfield has seen a huge increase in average property values by around £15,750 over the last 12 months. However, don’t all start going South down the A38, as the average house price is £335,900, so in fact prices have risen by a more modest 4.9%, not too dissimilar to the figure achieved in Burton.

I find it amazing that three places along the A38 of Burton, Derby and Lichfield, all within a few miles of each other, can experience such variations in property prices. With average rents steadily rising by 1 to 2% a year and with continuing troubles for first time buyers raising the £10,000+ for the deposit and fees, I can only see greater demand for rental properties in Burton, which will mean more people will continue to buy property for buy to let, and where there is greater demand, the price tends to go up.

This however, is only my opinion. If you would like to have a chat about any matter relating to property in Burton, pop in and see me, or my team, in our offices on the High Street.

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