Thursday, 26 February 2015

What Property Value Sells Best in Sunderland?

Last month I compared how different property types were selling in Sunderland so I thought it may be interesting this month to look at how the price of a property affects how quickly it sells

Over the last two months, 283 properties with asking prices under £100k have come onto the market in Sunderland and 11.3% of them (32 properties) have a buyer and are now showing as 'Sold STC'

Between £100k and £150k, of the 234 properties that come on to the market, 8.5% of them (20 properties) have a buyer

The £150k to £200k price range has seen a much lower 103 properties come on to the market and 9.7% have a buyer (10 properties)

The £200k and over price range has seen 16 of the 104 properties that came on to the market find buyers (an impressive 15.3%) 

This fits in with my expectations even before carrying out this research, that in Sunderland £500 is the magic number for renting (with significantly more tenants searching 'upto £500pcm' than above) and upto £100k is by far the most popular price band when buying and selling

Clearly when you look at the top end of the market in Sunderland (£200k and above) buyers and sellers are less affected by economic factors or market forces so it doesn't necessarily conform to any discernable trends

The first observation, that properties upto £100k are selling well, is good news for Investors in Sunderland property as the vast majority of property investments will be under £100k 

It shows there is likely to be a good supply of properties to buy with corresponding healthy demand when the time comes to sell

For a chat about the Sunderland property market give me a call on  0191 567 8577, email neil.whitfield@belvoirlettings.com or pop into our Frederick Street office

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