There is a severe housing shortage in Oswestry, says one of the area’s leading estate agents Kate Howell of Woodhead Oswestry Sales and Lettings. According to the National Association of Estate Agents (NAEA) nationally there were ten house hunters battling it out for each property in November and we’re seeing similar numbers here in Oswestry.
“We see situations time and again where sales are agreed on a vendor’s property, but the choice of properties for them to move on to is more limited than ever,” said Kate Howell.
The reason for the lack of homes is likely to be a combination of factors, including people who are trading up the property ladder keeping their current home as an investment and renting it out, meaning it does not come back on to the market.
In addition, the lack of new development in the town over the last ten years has led to a stock shortage of all house types; from starter homes priced around £120,000 to larger family properties up to £500,000. Building of new developments barely resumed in 2016, meaning any scarce new build properties can now command a stronger price.
The lack of homes is helping to prop up prices because there are not enough to satisfy demand. But the lack of choice shouldn’t put people off moving, says Kate Howell:
“Despite Brexit and the result of the American election, life goes on and people need to move home. While they may not have as much choice as they had ten years ago, there are still properties available, so we encourage buyers to be more savvy. Watching for new properties coming onto the market and being the first to view gives a distinct advantage. I’d also encourage buyers to have a good relationship with their estate agent. I personally search for the ideal home for my vendors when they have agreed a sale.
“It’s a sellers’ market right now, and if any house is priced and marketed correctly, it will sell quickly. We have a list of buyers waiting for all types of property.”
To arrange a free, no obligation valuation of your home, call Woodhead Oswestry Sales and Lettings on 01691 680044 or visit http://www.woodheadsalesandlettings.com/