But with newspapers giving mixed messages on what is exactly happening in the town, let us have a look at what has happened over the last 12 months, in particular, what type of property is actually selling.
Between August 2013 and August 2014, 936 of the 31,802 properties were sold in Burton and immediate villages. The best performing type of property was, surprisingly, the terraced house. With an average sale price of £100,462; over 352 of them sold, representing 37.7% of the property sold in Burton (which when you consider only 33.7% of Burton property is terraced (that includes those modern town hosues), this means terraced houses have done well).
Between August 2013 and August 2014, 936 of the 31,802 properties were sold in Burton and immediate villages. The best performing type of property was, surprisingly, the terraced house. With an average sale price of £100,462; over 352 of them sold, representing 37.7% of the property sold in Burton (which when you consider only 33.7% of Burton property is terraced (that includes those modern town hosues), this means terraced houses have done well).
In very close second are apartments. They represented 5.7% of the sales but flats make up 5.5% of the property .. again good news for all flat owners (compared to Derby where the flat market is on its knees).
Of the 9,645 semi detached houses in Burton, 283 changed hands in the year, showing that whilst 30.3% of property in Burton is semi, they respectably represented 30.2% of the sales. However, it is the detached property market, that seem to have performed not as well. Whilst there are 9,618 detached properties in Burton and the immediate villages (representing 30.2% of the housing stock), only 246 changed hands in the year, representing only, but still a very respectful 26.2% of the sales.
What does this mean for the property owners of Burton?
Of the 9,645 semi detached houses in Burton, 283 changed hands in the year, showing that whilst 30.3% of property in Burton is semi, they respectably represented 30.2% of the sales. However, it is the detached property market, that seem to have performed not as well. Whilst there are 9,618 detached properties in Burton and the immediate villages (representing 30.2% of the housing stock), only 246 changed hands in the year, representing only, but still a very respectful 26.2% of the sales.
What does this mean for the property owners of Burton?
Most homeowners start with an apartment, then a terraced, aspire to move to semi detached houses, then as finances allow, they move to a detached property. The majority of terraced houses, especially near the Town Centre, were purchased by landlords to rent out to tenants, so they have no need/want to trade up on the property ladder. There are a small number of homeowners who are still in negative equity, which in some cases, property values of some Burton apartments sold at the height of the boom are still 6.5% lower than what was paid for them in that 2007 boom, but whilst bad news for those homeowners, I would estimate this only affects between 2% and 3% of homeowners in Burton.
We are seeing some good sales and if you look hard enough, you may chance upon a "hidden property gem" in the most unlikely of places of Burton.
If you would like to discuss my thoughts on the rental market, feel free to pop through the door of our offices on the High Street, call me on 07973 666229 or send me an email to: davidm@professionalproperties.co.uk
If you would like to discuss my thoughts on the rental market, feel free to pop through the door of our offices on the High Street, call me on 07973 666229 or send me an email to: davidm@professionalproperties.co.uk
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