Property Market News: Carlisle Edition
As we head into the last few months of the year, we are proud to announce that our Carlisle office has achieved 99.8% of asking price on all properties sold in August, and a price increase of in the region of 10% since the beginning of the year. Paul Doyle, Branch Manager of our Carlisle city centre branch gives an update on the current local property market.
“We have been exceptionally busy and the speed of which properties are being sold along with the prices being achieved, demonstrates the importance of the correct valuation, so understandably we are proud of these huge achievements.
Carlisle is very much becoming a sought-after place to live and achieving this level of results demonstrates that property in and around the city is in hot demand. Currently demand is higher than we have experienced in a long time, but the number of properties coming to the market is low. This demand has resulted in the fact that, at the moment, we are dealing with a real supply issue.
However, the price and speed which property is being sold is down to a number of other additional factors, such as ensuring the appropriate initial valuation of a property, continuing through to the negotiation of an offer, to the support and advice given to the vendor.
In terms of the property market within Carlisle itself, people are starting to realise that property in Carlisle offers tremendous value for money compared to so many other parts of the UK.
A great example of this is the recently renovated, Grade II listed Georgian townhouse, in Spencer Street, Carlisle, which has both outside space and off-road parking, and is on the market for £240,000. I believe this is an exceptional property at an exceptional price, and it would be difficult to find anything similar for this price anywhere else in the country.
Another factor which makes Carlisle an attractive option to purchasers, is that it benefits from superb transport and roads links. Commuting couldn’t be easier, you can be in Manchester in around two hours, London in just over three hours and the journey to Edinburgh takes less time than many people’s commute in the south of England. Of course, one of the biggest positives, is that after a full day’s work, you can leave the house and be on the fells in only twenty minutes.
Carlisle has so much to offer as a city, there have always been people who want to retire here, but we have found this trend is changing; young professionals wanting to work from home more often, needing a little more space, can find much larger properties here. However, currently all types of property are selling, city centre flats and Carlisle’s beautiful town houses, two-bedroom semis, bungalows in the city and surrounding villages of Carlisle such as Wetheral and Cumwhitton and of course for rural property, smallholdings and farms.
As selling agents we are there to guide the seller to ensure they are making the right decision. For instance, one particular property we launched, received on offer on the first day of marketing. This meant that not all potential purchasers had the opportunity to view the property so to maximize the potential sale for the vendor, and to get the best price in a reasonable timescale, the property was marketed for an additional few days. It then sold for almost 10% more than the asking price, which demonstrates that it is not always the best option to accept the first offer.
Last week we put a bungalow based in the city centre on the market, and we had three viewings booked within an hour of sending it out to 98 matched applicants on our mailing list. We now have offers on the property and we expect it will be sold by the end of the week.
So, taking into account the shortage of supply and exceptional current demand, as we head into the final third of the year, we are anticipating that prices will remain stable and perhaps even see some growth.”
To speak directly with Paul regarding properties in and around Carlisle, please call on 01228 810799 or send an email to email@example.com.