Tue, 09 Aug 2022 | Farnborough market update
July was a big month for Farnborough, with the world renowned air show taking flight in record-breaking temperatures. Yet the red arrows weren’t the only thing soaring over Farnborough last month – the property market was also flying high in July! Read all about what happened on the Farnborough property market last month in our July market update.
Highly successful open houses
The heatwave certainly didn’t stop buyers searching for homes in Farnborough – in fact, over 140 buyers registered with us in the last month alone for properties in the area. With demand so high for Farnborough properties, its no surprise that we have already sold eight of the nine properties we listed last month at Prospect, and for an average of 100% of asking price!
This is the result of our open houses, which are hugely successful in increasing demand and managing competition on a sellers’ market like this one. Last month, we held several successful open houses, including one for a two bedroom property on Carmarthan Close which received five offers and sold for over 105% of asking price. Another, a two bedroom property on Prospect Road with no onward chain, received 10 offers and sold for over 107% of asking price, showing just how effective these open houses are in driving up prices for popular properties.
Huge appetite for three bedroom homes
Its not just two bedroom properties that are in popular demand; there’s a huge appetite for three bedroom homes, too, and not enough properties on the market to satisfy demand. Last month, the number of three bedroom properties sold was higher than the number of three bedroom properties listed, showing the huge imbalance between supply and demand for this property type in Farnborough. This in turn is driving up prices; our open house for Blackthorn Crescent achieved £10,000 over asking price thanks to the high level of competition in the area. If more three bedroom properties don’t come to the market soon, many of the 100+ buyers registered with us for properties of this size will be left sorely disappointed.
School application deadline is looming
Given the number of high-esteemed schools in the area, many buyers will be looking to relocate to be within the catchment area for their school of choice. But with the application deadline looming in January, you’ll need to act fast to be in your new address in time to apply for your favourite school. This is because of a conveyancing lock-jam causing completions to take 150 days on average, which means that it is becoming more and more of a squeeze for buyers to be in their new home before Christmas!
On the flip side, if you own a family home within the catchment for a popular school, it’s a great time to sell to benefit from high competition from the family buyers looking for homes like yours. Contact your local experts at Prospect Farnborough to find out more about school catchment areas and book a valuation.
The high end of the market
The most expensive property to sell this month was a £1,150,000 four bedroom detached property on Farnborough Road, which is a former mayoral home on a plot of approximately 0.3 of an acre. For those looking for high end properties like this one in Farnborough, there are currently three properties on the market priced at £1,000,000 or above: a £1,000,000 five bedroom detached family home on Leopold Avenue; a £1,000,000 four bedroom detached chalet bungalow on Pirbright road; and a 1920 detached five bedroom family home priced at £1,200,000.
Properties for investment
On the other hand, the least expensive property to sell this month (excluding shared ownership or retirement properties) is a £160,000 one bedroom flat on York Road, which is part of a converted house of six flats. Close to local shops and restaurants, this property would have made an excellent investment property. If you’re looking to expand your portfolio in Farnborough, there are currently 67 properties like this one priced at under £200,000 that would make equally fantastic investment properties. To discuss your options for investment in Farnborough, contact the team today.
It's a busy marketplace in Farnborough right now. Capitalise on these high levels of competition for properties like yours and book a valuation with us today to find out how much we could achieve for with in a Prospect open house.
Alternatively, you can register with us today to be the first to know about properties coming to market in the town.
If you would like to discuss the Farnborough property market further, call us today on your local on 01252 267 000.