Penicuik Property market – what is really happening?

Well it’s been a few months since Brexit and as we settle into the autumn with Great British Bake Off, Strictly, The Apprentice and the football season well underway... the newspapers are returning to their mixed messages of good news, bad news and indifferent news about the Brit’s favourite subject after the weather... the property market.

The thing is the UK does not have one housing market. Instead, it is a patchwork of mini property markets all performing in a different way and it is important to look at the bit of the property market you are in rather than the property market as a whole. So what about Penicuik?

Property prices in Penicuik are 3.51% higher than a year ago and 0.24% higher than three monthx ago.

So what does this mean for Penicuik landlords and homeowners? Not that much unless you are buying or selling in reality. Most sellers are buyers anyway, so if the one you are buying has gone up, yours has gone up.  Everything is relative and what I would say is, if you look hard enough, there are even in this market, still some property bargains to be had in Penicuik.

What is happening to property prices is an important question but a  equally important question to ask is exactly which price band is selling? I like to keep an eye on the property market in Penicuik on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in Penicuik.

If you look at Penicuik and split the property market into four equaled sized price bands. Each price band would have around 25% of the property in Penicuik, from the lowest in value band (the bottom 25%) all the way through to the highest 25% band (in terms of value).

£0 to £120k                        8 properties for sale and 6 sold (stc) i.e. 43% sold

£120k to £145k                  9 properties for sale and 7 sold (stc) i.e. 44% sold

£145k to £215k                  8 properties for sale and 8 sold (stc) i.e. 50% sold    

£215k +                             10 properties for sale and 5 sold (stc) i.e. 33% sold

Fascinating don’t you think that it is the standard family home market in Penicuik (£145k to £215k) that is doing the best rather than the core buy to let market (£0k to £145k)?  Suspect this means that there are greater opportinities for buy to let investors in Penicuik as this part of the market is less competitive from a sales point of view.

The next nine months’ activity will be crucial in understanding which way the market will go this year after Brexit ... but, Brexit or no Brexit, people will always need a roof over their head and that is why the property market has ridden the storms of oil crisis’ in the 1970’s, the 1980’s depression, Black Monday in the 1990’s, and latterly the credit crunch together with the various house price crashes of 1973, 1987 and 2008.

And why? Because of Britain’s chronic lack of housing will prop up house prices and prevent a post spike crash… there is always a silver lining when it comes to the property market! 

If you would like to pick my brains about buying for investment purposes chat, pop into our office at 6 Bank Street, Penicuik for a chat, give me a call on 01968 674601 or email me on news@thekeyplace.co.uk.

www.thekeyplace.co.uk

A few more interesting articles about the Penicuik property market:

• Penicuik landlords/investors – does your letting agent go THIS far? http://bit.ly/2dTWIyJ
• Penicuik property – is it cheaper to buy or rent? http://bit.ly/2d8OCzp
• 0.25% interest rate cut – what will it do for the Penicuik Property Market? http://bit.ly/2cuqaKx
• Penicuik landlords remember your “Consents to Let”! http://bit.ly/2cyCGra
• Penicuik’s ‘Generation Rent’ to grow by 1,790 households by 2021 http://bit.ly/2ccSv5P
• Penicuik property prices set to drop £18,000 in the next 12 months due to Brexit? http://bit.ly/2cetZzW