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2 May 2018

Property price increases in Farnborough have all but stopped with growth restricted to 5% year on year according to Land Registry

Author: Michael Wilson

According to Land Registry data, property prices in Farnborough have increased by 5% annually with the average sale price reaching £321,359. Over the last five years, property values have increased by 50%!

Michael Wilson our Sales Manager in Farnborough has taken a deep dive into the Farnborough property market to help sellers understand what’s really going on.

“Although data from Land Registry shows an increase in house prices, in recent months we have seen the market stabilise and prices have remained stable” explains Michael.

The average property values for semi-detached, terraced and flats in Farnborough sits above the average for the South East, yet Farnborough remains an affordable alternative to neighbouring towns across the Surrey border.best 

There has been a 2% annual increase in the number of property transactions in Farnborough bucking the trend for the rest of the England and Wales where transaction levels have declined by 5.6%. Transaction levels of new homes has declined by 39%, with fewer new homes being purchased, transactions of resale homes increased by 7% annually.

“It’s no surprise that Farnborough has bucked the trends seen in the South East and the rest of the country as the town offers residents fantastic commuter links including a fast-track service to Waterloo, close proximity to the M3, and Farnborough Airport.

“The town regeneration is beginning to boost the popularity of the town making it a ‘destination’ desired by young professionals and families.”

Flats, semi-detached and detached properties all saw an increase in average property prices by 1.49%, 4% and 0.38% respectively whilst terraced properties saw a slight decline.

Out of the 1,130 homes that sold in the last 12 months, the split was 33.1% semi-detached, 25.2% terraced, 21.6% flats and 20.1% detached. We expected to see this type of mix as it identifies the more regular moves of the younger homeowners as they climb the property ladder and how the larger family homes are seeing less movement as homeowners tend to stay in them for longer.

Being one of the best value for money areas within the commuter belt, property in Farnborough, Cove and Mytchett is in high-demand. Buyers range from working professionals to families meaning there’s a demand for properties of all shapes and sizes.

If you are thinking about selling your property, get a free up-to-date valuation by calling Michael on 01252 743 735 or visiting romans.co.uk/selling/freevaluation 

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