Regional Report: Melton Mowbray
The housing market in Melton Mowbray has shown encouraging signs of life writes James Warne of Guild member, Bentons Estate Agency.
Residential Director
Bentons Estate Agency
After a sluggish end to 2023 and beginning of 2024, the housing market since Easter has shown very encouraging signs of life. Both within Melton Mowbray town and also the village markets, particularly at the top end of the market, demand has been much stronger.
Confidence is returning now that high interest rates are behind us and there is hope that lower interest rates are here to stay. The availability of fixed rate mortgages has helped buyer confidence.
In the middle upper end of the market, those running their own businesses are feeling generally more confident. Coupled with this, the strength of the American economy and significantly better pension performance has helped wealthy buyers who are drawing on capital to fund purchases rather than borrowing. This culminated in a sales week at the beginning of May where we agreed record sales on over 20 properties worth over £15.5 million pounds and four properties of over £1.9m.
No post-election impact
A General Election would normally slow the market as the public worry that a change of Government may affect their personal finances and economic prospects. As there is little to separate the two parties politically we have unusually experienced little effect, particularly as the run-in time is so short.
We therefore do not expect the housing market conditions to differ significantly medium term from those of today and are looking forward to a strong trading period throughout the remaining summer and into the Autumn.
The rental market
This sector of the market remains exceptionally active with a continuing lack of new properties available and increase of rent of some 30% on this time last year.
The Government’s war on landlords has only served to sadly punish tenants as a lack of properties means higher rents as more landlords leave the market. The irony of the Government’s policy is that the very people who they wanted to help are now significantly worse off and landlords who have to face high stamp duty charges to enter the market, coupled with punitive measures will all make life harder for tenants for the foreseeable future.
As a result of our continuing expansion plans, as fiercely independent regional estate agents, we now have an exciting opportunity for a trainee or junior valuer at our branch in Melton Mowbray. Any valuers reading this article or negotiators wishing to make take a change in direction in their career are invited to contact us.
- Average sales price: £614,000
- Average time on the market: 10 weeks
- Average rental price: £900
- Average commission on sales: NA
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