Thursday, 11 December 2014
What sort of property is selling in Heanor?
Heanor attracts property hunters seeking a home in our town that strikes a wonderful balance between old and new. Luckily, just about every accommodation preference can be catered for here, from highly desirable detached houses in Heanor and the rest of the Amber Valley, which are perfect for families, popular 1930’s bay front semis houses, imposing late Victorian terraced houses and modern luxury apartments dotted around the Town. But with newspapers giving mixed messages on what is exactly happening in the town, let us have a look at what has happened over the last 12 months, in particular, what type of property is actually selling.
Between August 2013 and August 2014, 323 of the 7,221 properties sold and changed hands in Heanor. The best performing type of property was terraced houses, with an average sale price of £92,642; representing 34.8% of the property sold in Heanor (which when you consider only 27.1% of Heanor property is terraced, this means terraced houses have done well). Next are semi detached houses. They represented 32.5% of the sales but semi detached properties only make up 38.3% of the property in Heanor.
Detached houses in Heanor represented 32.5% of the house sales in the last 12 months, but they make up only 28.6% of the housing stock in the town, again this is great news for owners of detached houses showing that this type of property has sold well in the last 12 months.
However, the anomaly seems to be apartments because, according to the Land Registry, no flats or apartments have sold in the town during the last 12 months even though there are 422 in Heanor.
What does this mean for the property owners of Heanor? It means that there is a two tone property market place in Heanor. Most homeowners start with a terraced, aspire to move to semi detached houses, then as finances allow, they move to a detached property. The majority of apartments, especially in the Town Centre, were purchased by landlords to rent out to tenants, so they have no need/want to trade up on the property ladder. There are a small number of homeowners who are still in negative equity, which in some cases, property values of some Heanor apartments sold at the height of the boom are still 20% to 25% lower than what was paid for them in that 2007 boom.
However, on average general Heanor property values are only 11% off those 2007 property boom, we are seeing some good sales and if you look hard enough, you may chance upon a "hidden property gem" in the most unlikely of places.