The Sidcup Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.
The challenge every Sidcup property buyer has faced over the last few years is a lack of choice – there simply hasn't been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Sidcup, the market is likely to see upward pressure on property values continue.
For example, in the last month or so, DA14 has seen an average of 57 new properties coming on to the market, not bad when you consider for some months in the last year the average has been in the mid-30's. With the average Sidcup property value hitting a record high, reaching almost £379,750 according to my research, this shortage of properties on the market over the last two years has contributed to this 'fuller' average property figure.
As I write this article, 0.42% of Sidcup properties are up for sale. In terms of actual chimney pots, that equates to 75 properties on the market in Sidcup (within 1 mile of the centre of Sidcup) – which, when compared to only a year ago when that figure stood at 87, is a slight decrease in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading…
- Detached Properties in Sidcup – 25 on the market a year ago compared to 19 on the market now – a decrease of 24%
- Semi Detached Properties in Sidcup – 19 on the market a year ago compared to 19 on the market now – no change
- Terraced Properties in Sidcup – 11 on the market a year ago compared to 9 on the market now – a decrease of 18%
- Flats / Apartments Properties in Sidcup – 29 on the market a year ago compared to 26 on the market now – a decrease of 10%
This is evidence of strength in the Sidcup housing market that many didn't expect. Many believed that the Sidcup property market wasn't going to be strong enough post Brexit – as what was a sellers' market before the Brexit vote and Buyers' market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.
However, all this will mean property values won't continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won't be down to Brexit but a re-balancing of the Sidcup Property Market – which is good news for everyone.
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Paul Long (Director & Author of The Sidcup Property Blog)