With the General Election just around the corner, property values in Glastonbury are still on the up with asking prices between January and April this year up 12% so the Glastonbury property market does not seem to have been spooked into lowering asking prices which is what can traditionally happen in the run-in to an election. (Source Home.co.uk)
Looking specifically at it from a Glastonbury landlord’s point of view, the Glastonbury properties favoured by investors are in short supply i.e. those with the higher yields. One of the factors has been the number of first time buyers buying their first home has increased = more competition for landlords. Another factor has been the fact that the banks have been pushing ‘let to buy’ (yes ‘let to buy’) to homeowners. Finally, banks are chasing low risk landlords with high deposits with very low mortgage rates – and the low risk landlords with high deposits tend to be attracted to the safer modern two and three bed houses in Glastonbury.
Looking at properties on the market for sale today it is easy to see where the most demand lies with 50% of two bedroom properties on the market for sale in Glastonbury SOLD. Looking at this from a price perspective, of the properties up to £100,000 70% are SOLD and even in the £100,000 to 200K range a healthy 50% are SOLD.
What we are seeing is a polarised Glastonbury property market, where we have high demand but low supply at the bottom end of the property market, yet high supply but lower demand at the top of market…and that can only mean one thing…prices will go up quicker on the smaller properties than the larger ones in Glastonbury. Those of you with rose-tinted glasses will be thinking this narrowing of the gap will be good for those looking to move up the market – there is always a good side to every property story!
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
