With 41.1% of Ashford Property on the Market Sold – Are There Any Brexit Bargains?

Bargains – well yes and no – and let me explain why:

To find a bargain you need to know the market, yet there is not just one ‘property market’ in the UK. In fact, the British property market is like a fly’s eye, it looks to be a whole but in fact it is split into lots of fragmented pieces and the same goes for the Ashford property market as that too is split into different patches… in fact it can even come down to two streets adjacent to each other, one street selling like hot cakes for top dollar whilst the next street can stick, even at comparatively lower prices (i.e. if there is a school catchment boundary or differing postcode).

According to Coutts, property values in ‘Prime London’ have dropped by 14.7% in the last 5 years … yet look closely at those stats and you’ll see Prime London is considered anything within a 1,500m radius of Kensington High Street above £4.6m – an entirely different world to the average Ashford property, which is worth just over £328,000 and has risen in value over those same 5 years by 31.0% … truly another world!

I have noticed the top end of the market above £600,000 in Ashford and the surrounding areas however is proving a little tougher to shift than a few years ago, yet this can’t all be blamed on Brexit – buyers have long been flinching at inflated asking prices and excessive stamp duty rates.

In Ashford, 27.1% of properties for sale have
reduced their asking price in the last 3 months by
an average of 5.0%

A lot less than the reductions being seen in central London. In fact, the property market in Ashford is looking reasonably good with 41.1% of properties on the market in Ashford being  shown as under offer or sold subject to contract

…Interesting when compared with the aforementioned London Prime market where only 5.86% of the properties for sale are sold… almost certainly some juicy bargains to be had there!

So, where are the bargains in Ashford? Well to start with, it’s all about knowing the local Ashford market – all about comparing and contrasting property, so to start with, check out the property web-portals such as Zoopla and Rightmove to see what’s for sale. The art here is to tick ‘include Sold STC’ in the filters .. then arrange them in price order. Then you will get a feel for roughly what similar properties are selling for. Also look at recent sales, so in Rightmove click on ‘House Prices’ on the main menu, on the proceeding drop down menu click on ‘Find Sold House prices’ and now you can type in a street, or even a street plus 0.25miles/0.5miles etc .. click on ‘List View’ and they are in date order. Zoopla has a similar function (feel free to contact me if you need a hand with that).

Then once you have found what you think is a bargain .. view it. Ask the agent why the sellers are moving. By doing your research on the seller, seeing how long it has been on the market, whether they have reduced the asking price (if you ask an agent they have to tell you and by how much) — you could cut a better deal if they are compelled to sell. Push home your advantage i.e. if you are a first-time buyer, don’t have a property to sell, chain free or cash purchaser it can all make a difference.

Looking at the numbers above, some savvy Ashford landlords and home buyers are taking advantage of the doom and gloom headlines as property owners’ expectations are probably at the lowest they have been since the Credit Crunch, especially if they are in the ‘got to sell’ instead of the ‘would like to sell’ category.

Like anything in life .. buying a property bargain comes down to putting the hard-work in, doing your homework and jumping at opportunities as they present themselves.

Taylors Residential Lettings Limited, Company no. 6002742, Regd Office: Suite 1, Invicta Business Centre, Monument Way, Ashford TN24 0HB