The Horsham Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Horsham property buyer has faced over the last few years is a lack of choice – there simply hasn’t been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Horsham, the market is likely to see upward pressure on property values continue.
However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Horsham property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Horsham has increased.
For example, last month RH12 saw 199 new properties coming on to the market, not bad when you consider for the last year the average has been predominantly in the 120 to 130 range. With the average Horsham property value hitting a record high, reaching almost £445,350 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller’ average property figure, but there is a glimmer of hope that the Horsham’s supply crisis may be starting to ease.
As I write this article, 1.88% of Horsham properties are up for sale. In terms of actual chimney pots, that equates to 328 properties on the market in Horsham (within 3 miles of the centre of Horsham) – which, when compared to only a year ago when that figure stood at 406, is a serious decrease in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
- Detached Properties in Horsham – 126 on the market a year ago compared to 131 on the market now – an increase of 4%
- Semi Detached Properties in Horsham – 65 on the market a year ago compared to 101 on the market now – an increase of 55%
- Terraced Properties in Horsham – 27 on the market a year ago compared to 51 on the market now – an increase of 89%
- Flats / Apartments Properties in Horsham – 82 on the market a year ago compared to 93 on the market now – an increase of 13%
With realistically priced properties flying off the shelves and this increase in new properties (especially semis and terraces), this is evidence of strength in the Horsham housing market that many didn’t expect. Many believed that the Horsham property market wasn’t going to be strong enough post Brexit – as what was a sellers’ market before the Brexit vote and Buyers’ market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won’t continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won’t be down to Brexit but a re-balancing of the Horsham Property Market – which is good news for everyone.