Updated: Apr 5, 2020
The current COVID-19 pandemic has finally given us all a break from the everyday norm and a chance to do that list of things we constantly put off because we are just too busy. One of the things on our list was to start a blog, so here we are!
With the way we now search for property being as easy as clicking on an app or searching online, the potential home buyer or seller is far more clued up on their desired area. However, there aren't many places you can look with a generalised overview of specifically the Southampton market.
Whether you are thinking of moving to the city, just moved or a resident for several years - we believe Southampton has much to offer.
Credit: University of Southampton
Edison Green have been examining the property market for houses in the first quarter (Q1) of 2020 covering the SO14-SO17 postcodes in Southampton. We hope that this information can be useful for any future or current buyers and sellers.
Please find the full details of data used and caveats in the disclaimer at the bottom of the post.
In the first quarter of 2020, there were 264 properties sold STC combined in SO14, SO15, SO16 and SO17. The average asking price of these properties was £309,756 and the mode asking price £220,000. 3-bedroom houses were by far the most popular sold properties across all areas.
As shown in the table below, there are quite high fluctuations between the highest and lowest asking prices for the properties sold. This is not uncommon due to the varied spec and areas within the postcodes. Regardless of this, there is a clear trend that 3-bedroom houses are highly sought after shown by the overall and postcode-specific mode.
The busiest month overall was February with 96 sales agreed, however there are some discrepancies between the postcodes. SO16 and SO17 narrowly had their busiest month in March and January respectively. Nevertheless, taking into account that February was a slightly shorter month (even though it was a leap year) – it looks like the busiest month so far for all areas except SO14.
The two busiest postcodes in Q1 were SO15 and SO16 who combined made up 75% of the sold properties. Examining the mode asking price for the sold properties shows a range between £200,000 in SO14 up to £260,000 in SO16. Along with being the area with the highest number of sold properties in Q1, the SO16 area also had both the highest average and mode asking price of its sold properties.
In Q1 of 2020, Edison Green are proudly one of the agents with the shortest time from listing the property online to marking it as sold STC. We are particularly proud of our current record for quickest sale STC; 2 days from listed to sold STC on one of our properties in February!
357 new properties came to market with an average asking price of £319,010 and mode asking price of £210,000. As seen with the properties sold in the same time frame, the mode number of bedrooms for new properties is also 3. This is consistent for all postcodes except SO14. Similar to the sold properties, February was also the month with the most new properties being listed, closely followed by March.
Interestingly, the mode asking price for new properties in SO16 is lower than the mode asking price for the properties sold in the same area over the same time period. However, it is important to stress that the respective postcodes cover large and diverse areas of Southampton and these figures do not suggest that prices have decreased as such. The type and standard of a property along with the local area within the postcode can skew these figures - a market appraisal from an experienced agent is a great way of giving you a fair assessment of your property.
Although the current times are challenging for us all, Edison Green remains open and available for all our new and prospective clients. We are happy to have informal chats and give advice where needed.
Whilst this report is based around sales, Edison Green supply a large number of high-quality rooms in HMO's. If you know of any NHS staff that are in need of accommodation - we have vacant rooms available at a discounted rate for short-term lets.
Disclaimer: for this analysis we have only used residential houses (i.e. residential flats are excluded) and only covered the SO14, SO15, SO16, SO17 postcodes in Southampton. The data used comes from Rightmove and covers only properties that have been listen on this portal. Other caveats might apply - please get in touch if you would like to know more. Rightmove is the largest portal for properties in the UK. As we know averages can be skewed by outliers, we have also included the mode for several measures. The time period examined runs from 1st of January 2020 to the 31st of March 2020.