In Derby, semi’s account for 38% of property sales. Is that good?

Derby attracts all sorts of property hunters seeking a home in our city and strikes a wonderful balance between old and new. Fortunately, just about every accommodation preference can be catered for, from highly desirable detached houses on the South West and North West areas of Mickleover, Allestree and Littleover, which are perfect for families, as well as popular 1930’s bay front semi detached houses, imposing late Victorian terraced houses and modern luxury apartments dotted around the City.

However, with newspapers and the media giving mixed messages on what is exactly happening in the City, 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, 3421 of the 102,271 properties in Derby actually sold. The best performing type of property was, surprisingly, the detached house. With an average sale price of £225,824; over 1,010 of them sold, representing 29.5% of the property sold in Derby (which when you consider only 23.4% of Derby property is detached, this means detached houses have done well).

In very close second are terraced houses. They represented 27.7% of the sales but terraces only make up 23.6% of the property .. again good news for all terraced house owners.

Of the 40,097 semi detached houses in Derby, 1298 changed hands in the year, showing that whilst 39.2% of property in Derby are semis, they only, but very respectably, represented 37.9% of the sales.

However, it is the flats/apartments that seem to have performed the worst. Whilst there are 14,212 apartments in Derby (representing 13.8% of the housing stock), only 165 changed hands in the year, representing only 4.82% of the sales.

What does this mean for the property owners of Derby? It means that there is a two tone property market place in Derby. 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 city 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, and in some cases, property values of some Derby apartments sold at the height of the boom, are still 15% to 20% lower than what was paid for them in that 2007 boom.

However, on average, general Derby property values are only 8% 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..

If you would like to discuss anything further then please pop in and see me, send me an email or call me directly on 07977 235545.

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