Daventry: 2019, A Year In Review

Daventry Property Blog:

2019, a Year in Review

As 2019 draws to a close, I thought what better time to look back at the year and review some of the price trends and factors that have affected the property market in Daventry. On the whole, 2019 has been a slow year for property due to a combination of factors, with the average price down by 6% to £231,347, which on the surface looks pretty doom and gloom but when you look a little closer, maybe it’s not so bad…

The first thing to mention is that the number of new build sales in Daventry is down, significantly. As Monksmoor comes into their final phase of development and Danetre Place starts to wind down, the number of new builds coming to market has declined greatly. Historic data has shown us that new builds often fetch a 20% market premium, therefore a strong case can be argued that recent years has been skewed by the sheer volume of new builds coming to market. From data collected and analysed by Chelton Brown - Premier Property Agents, it is suggested that the average property price in Daventry has actually increased by 3% in the year to date, once new builds are excluded, with the largest sector of growth being for smaller first time homes.

Much like Daventry’s Cinema (and Canal for that matter!), Brexit still isn’t finished and although it (Brexit) hasn’t had the negative effect that some predicted, it has led to a degree of uncertainty that may have put some home buyers off, particularly those with larger properties valued over £300,000. That said, the mortgage market continues to be very buoyant, and with rates currently at their lowest for 3 years, this has certainly helped keep the market stimulated. My opinion, for what it’s worth, is that once Brexit is finally done, confidence will return and with it a healthy and sustained period of growth in property prices.

And with that, all that is left to do is to thank those who have made it this far into the update a very Merry Christmas, and a prosperous 2020.