Worthing Property Market - What to Expect in 2014
14 Jan, 2014
The National obsession of Christmas is now behind us and the alternative obsession now returns - The Property Market.
Already papers are filled with stories of rising prices, property crashes, The Help To Buy Scheme and just about any other variant that helps feed our appetite for the 'insider's view'.
Well, whilst I don't have a psychic powers (if I did I would have won the New Year's Eve £80,000,000 Euro jackpot and then probably would not be writing this) I'm going to stick my neck out and give my view on just what will happen this year with the property market in Worthing.
Judging by the volume of calls and web traffic over Christmas and New Year we can be sure of one thing - January is going to be busy. There is a lot of demand for mid range property such as larger semi homes as you find in Loxwood Avenue or Lavington Road.
There is a real shortage of this type of property too as they tend not to change hands quite as often as other styles of home.
With slightly less demand but still with real shortage is the upper level i.e 4 to 5 bedrooms at the £500,000 + level - the type found in Charmandean or Offington. Very few were marketed toward the end of the year yet they are still in demand - I suspect we'll see values rising over the next few months because of this.
The lower end of the market, studios and one bed flats, such as those around Heene Road or Wordsworth Road were a little sluggish last year as many First Time Buyers were still priced out of the market. The Help To Buy Scheme will allow many more to purchase in 2014 - 750 have used the scheme so far so it's likely this sector will improve a lot this year. Many landlords are still buying to let as interest rates remain so low and property can offer a better return for cash buyers. It's possible that this early part of the market will see the best increases in 2014.
Letting is still a viable alternative for many although demand may reduce slightly if current tenants decide to buy using the scheme. However, the number of properties to let may reduce as so called 'reluctant landlords' decide to sell in these better times. Therefore I see the letting market remaining constant with no great swing in either direction.
Whatever happens it seems that we are starting the year on a really optimistic note with a property market at just the right level - neither too hot or too cold.
Our recently opened second office in Boxgrove Parade, Goring has really made a great impact there and has some great properties to sell this month and had a very busy end to 2013.
We hope that this New Year will be a very happy one for everybody.