Wed, 07 Sep 2022 | Farnborough market update


August is traditionally the quietest month of the year for the property market. With the kids off of school, many families are more interested in jetting off on summer holidays than selling their home – or so we thought!

In a break from tradition, August was actually the busiest month of the year for Prospect Farnborough – which is saying something, given the whirlwind of a year we have had on the property market!

Read on to find out more about what happened last month on the Farnborough property market.

Buyers are still registering in high numbers

In this traditionally ‘quiet’ month, we registered over 135 buyers eagerly searching for properties in Farnborough, making August our third highest month for registrations this year! This is a clear sign that buyers are undeterred by the increase in cost of living and are still determined to make that move.

We also listed more properties this month than any other month this year – yet another sign that the property market will not be slowing down anytime soon. However, the number of properties listed was still only a fraction of the number of buyers registered and has done little to quell the huge competition for homes in the area. In fact, we received an average of one offer for every five viewings last month, showing that these buyers aren’t just high in quantity, but high in quality too!

Achieving an average of 99.4% of asking price

With competition so high, it’s no surprise that we achieved on average 99.4% of asking price for our sellers last month! This is the result of our highly successful open houses, which allow us to expertly manage the competition for your property.

In fact, we sold three three-bedroom properties on the Pinewood Park development last month using open houses. Each of these properties receiving multiple offers, and two homes sold for 106% of asking price! With this in mind, if you own a property on this ever-popular development, it’s a great time to take advantage of high demand and sell your property for a great price.

Which properties are in the highest demand?

While buyers of three bedroom properties are registering with us in their highest numbers, two bedroom properties in Farnborough are also in high demand. According to Rightmove, of the 37 two bedroom properties listed in August, one third had sold by the end of the month, showing just how quickly the market is moving for this particular property type.

It was still three bedroom properties that sold in the highest numbers however, making up over a third of properties sold last month. So, if you have a two or three bedroom property to sell in Farnborough, you could achieve a speedy sale at a great price by putting it on the market right now. Especially if you are upsizing to a four bedroom property – these are coming to market in comparatively lower numbers, so you’ll need to be in a proceedable position to compete against the crowds!

A touch of luxury

The most expensive property to sell in Farnborough in August was a five bedroom family home on Sycamore Road, priced at £1,200,000 and sold within under a month of being listed. If you are looking for a property of this calibre in the area, you must act fast, as there are only three properties available on the market priced at over £1,000,000.

Be sure to register with our luxury branch, Prospect Homes of Distinction, to be the first to find out about premium homes like Sycamore Road coming to the market in Farnborough.

Investment opportunities

Excluding shared ownership and retirement properties, the least expensive property to sell last month was a £130,000 studio apartment on Alexandra Road. With a separate kitchen, communal parking, and proximity to Farnborough train station, this would have made an ideal investment for any landlord looking to expand their portfolio in the area.

If you are looking for a property like this one to purchase as a buy to let, there are currently over 35 properties under £200,000 that are available on the Farnborough market right now which would make excellent investment opportunities. Contact your local experts at Prospect Farnborough today to find out more about investment opportunities in Farnborough.

Ready to make a move in Farnborough? Book a valuation with us today to find out how your property could achieve on the current market place.

If you don’t need help with your property sale, be sure to register with us to be the first to find out about properties you’ll love in the local area.

And as always, you can give us a call on 01252 267 000 to discuss the Farnborough property market further.