With a population of over 11,000 people (according to the 2011 census), Street is the largest village in England, and like many areas in this part of the country, there is a good level of demand for property. It may be that there isn’t a large supply of available property in Street, which will always have an impact on property prices but even with that in mind, it is likely that the level of demand for homes in this part of Somerset would have a natural impact on the prices of the area.
Prices are on the rise in Street
As of June 2017, the average value of property in Street is listed as £250,220 while the average price paid for property in Street stands at £217,960. Comparing this to the Glastonbury figures for the same time period indicates that Street is more affordable, which leads many people to believe that Street offers greater value for money. The June 2017 average value of property in Glastonbury stands at £296,985 while the average price paid for Glastonbury property is £278,956.
Returning to the average price paid for property in Street as of June 2017, standing at £217,960; this represents an increase of 3.01% in the past 12 months. By comparison, the average price has risen by 3.88% in Glastonbury in the same time frame, so there isn’t too much of a difference, but again, for people looking to buy, there are aspects to the market in Street which makes it more attractive.
The past 12 months have been eventful in the UK property market
It would be fair to say that 2016 and 2017 has been fairly tumultuous in the United Kingdom and there have been a wide range of predictions and forecasts surrounding the property market. With Brexit, a General Election and a great deal of uncertainty, many observers suggested that there would be a fall in property prices and that buyers would be pulling out of deals due to uncertainty. This hasn’t materialised and post General Election we hope there will be a period of political normality and stability to help property markets across the country.
Of course, given that Street is a large village; it is less likely to be impacted on by the variable factors that can influence a property market. The shortage of properties being supplied to the market will always help to retain property prices, particularly when there is always likely to be a level of demand in the home. This is the more pressing influence on the Street property market in the past 12 months, and it is a key component of why property prices have remained in good shape.
Street is always going to be an area in demand where people want to stay and the movements of the Street property market over the past 12 months are in line with this.
