Average property prices are holding up in Nailsea and Backwell
PUBLISHED: 12:43 26 March 2019 | UPDATED: 12:43 26 March 2019
Average property prices are faring well in Nailsea and Backwell
Branch manager of Hunters Nailsea, Paul Calcutt, gives us a property market update on the areas of Nailsea and Backwell.
He said: “In the South West as of February 19 the average property price was £297,614 with an average time to sell of 76 days. Overall we have seen a monthly increase of 0.1 per cent and an annual change of 1.3 per cent.
“As a local property agent expert our aim is to keep an eye on the market to ensure we are up-to-date with property prices locally. Our research has identified that the average property price in Nailsea and Backwell has increased over the past 12 months.
“Looking at Backwell and Nailsea the average price has gone up 0.61 per cent in the last 12 months. In Backwell alone the average property prices have gone up a whopping £88,303 over the last five years. In Nailsea, the overall average price of £338,461 was similar in terms of sold prices to nearby Portishead (£358,649) and Clevedon (£337,664).
“Buyers have been negotiating and since August 2018 we identified buyers were offering 10 per cent less than the asking prices. In Backwell we have seen the average asking price of £470,853 selling at a price of £447,292, giving the buyer an agreed sale at five per cent less than the asking price.
“However, in Nailsea with an average price now at £338,461, buyers are actually paying £338,354, which is a lot closer to the asking price.
“Last year most property sales in Nailsea involved semi-detached properties whose prices are on the up. In looking at the individual style of properties the biggest growth we are seeing at the moment is the semi-detached property. In Backwell the average semi-detached property has increased by 1.63 per cent and in Nailsea the same property has increase by 1.32 per cent.
For more details or help on all property matters call your local Hunters office or visit www.hunters.com