A look back at the Southampton housing market over the last decade
With all of us completing the Census, a couple of weeks ago, it made me realise profoundly that mine and my family’s life, which from our own point of view seems unique and delightful, makes us all into a series of statistics for the Census gatherers to pore over. To digest and regurgitate facts, figures and trends for those who are interested in the ever- changing social circumstances of these islands.
However, the information from the Census is vital to improving
our lives - Governments can plan the future with the information it provides
and we in turn can wonder about the lives of our past generations with the
information provided therein historically if we so wish.
Whilst the information from this Census won’t be published
until March 2023, let us have a look at what has been happening in the Southampton
property market since the last time we completed the Census, in 2011.
Just to remind you, 2011 saw the wedding of Prince William
and Kate Middleton, Mr Cameron was the PM, there was the last flight of the
Space Shuttle and Game of Thrones premiered.
· The average price paid for a Southampton detached
home in the last 12 months has been £446,000. The average value of a Southampton
detached home has risen by 36.5% in the last 10 years or £125,000
·
The average price paid for a Southampton
semi-detached home in the last 12 months has been £293,200. The average value
of a Southampton semi-detached home has risen by 39.0% in the last 10 years or
£95,100
·
The average price paid for a Southampton town
house/terraced home in the last 12 months has been £238,900. The average value
of a Southampton town house/terraced home has risen by 34.8% in the last 10
years or £76,200
·
The average price paid for a Southampton
apartment/flat in the last 12 months has been £174,300. The average value of a Southampton
apartment/flat has risen by 31.7% in the last 10 years or £55,500
Irrespective of any dip in Southampton house prices or
transactions when the Stamp Duty Holiday ends in the autumn, this is a trend
that looks set to continue, with no sign that supply of new homes is anywhere
near to keeping pace with demand for households.
There have only been 6,385 new properties built in Southampton
in the last 10 years, that’s just over 53 a month. That means the population in
Southampton has risen by 2.62 people for every new home built over
that decade.
Nationally, the Country has only built just over 180k homes
a year over the last decade, 120k less than the national target of 300k. In the
meantime, the population has grown by more than 4 million.
When looking locally at the size
of new build property in Southampton, the average property is just over 850 sq.
ft., which is 20% smaller than a decade ago.
Rents in Southampton …
Whether you are a winner or loser in terms of rental values
depends on whether you are a Southampton landlord or a Southampton tenant.
The average rent for a property in Southampton
currently stands at £1,228 per month, whilst a decade ago, it was £998 per
month
This means
private rents have increased by £1.91 a month for the past ten years. Interesting, when compared to the national
average of 98p a month whilst in London, rents have grown by a massive £4.64 a
month.
So what’s in store for the next 10 years of the Southampton Property
Market…
Well the next
ten years will also be just as fascinating. To try and predict would be a
fool’s game.
For example, who
would have believed what the Southampton property market has done in the last
12 months since the start of Lockdown 1.0. The number of transactions (i.e.
people moving) in turn with UK house prices having risen so much in the
last year ... all during a worldwide pandemic and at a time of such mayhem and
havoc in the UK and world economy, is nothing short of remarkable … the
question is – is it sustainable?
Read these articles in the coming months and years and
I will share with you what is happening to the value of your Southampton
property, be you a Southampton homeowner or Southampton landlord.
CLICK HERE TO FIND OUT HOW MUCH YOUR SOUTHAMPTON PROPERTY IS WORTH
If you would like to pick my brains on the Southampton Property Market – Just drop me a line on social media or email me @ brian.linehan@belvoir.co.uk you can also call me on 023 8001 8222.
If you are looking for an agent that is well established, professional and communicative, then contact me to find out how we can get the best out of your investment property.
Don't forget to visit the links below to view back dated deals and Southampton Property News.
Blog, http://southamptonproperty.blogspot.co.uk/
Facebook, https://www.facebook.com/belvoirsouthampton/
Twitter, https://twitter.com/sotonbelvoir
LinkedIn, https://www.linkedin.com/in/brianlinehan
Website, https://www.belvoir.co.uk/offices/southampton
No comments:
Post a Comment