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Key reasons to why Swindon’s housing market is booming

Key reasons to why Swindon’s housing market is booming

Swindon property sales are more buoyant than ever. Property prices are not only extremely competitive here, but quicker to sell. In a March 2017 survey of lowest average number of days property spends on the market in Britain’s towns and boroughs, Swindon comes a dizzying third. Homes for sale in Swindon are snapped up on average in just 81 days, a fraction longer than Bedford (76 days) and Bristol (79 days). Compare these figures with the worst-performing locations where it takes nearly 300 days to sell a house or a flat. The survey, conducted by home buyer Quick Move Now and search site Home.co.uk, confirms that buyers and investors are seeing greater opportunities in regions outside London and across the south and the west of England in particular.

In addition, a fresh round of competition between the major mortgage lenders spells great news for Swindon home buyers and first time buyers alike. Official figures released at the start of June 2017 reveal that mortgage rates in Britain have tumbled to an all-time low. Yorkshire Building Society launched a 2-year 0.89 per cent standard variable rate mortgage available to borrowers with a 35 per cent deposit, the lowest UK rate on record. Meanwhile, Santander and Nationwide – Britain’s biggest building society – also cut their rates.

Previously, rising property prices have made it increasingly difficult for many young people to save the deposit to get them that first step on the housing ladder. But there are now plenty of competitive new deals for first-time buyers requiring only a 5% deposit.

First-time buyers in Swindon have a big advantage over people looking to buy elsewhere in a 60-mile radius of the town. For the price of what might be charitably described as a ‘bijoux’ one-bedroom flat in Oxford, Bristol or Bath, first-timers can buy a family-accommodating three-bedroom house.

For those who are looking to sell, there are promising signs too. Homes for sale in Swindon are 5% up on the year before and 27% up on 2014 when they averaged at £171,600.

Of houses sold in Swindon, the majority over the past year were terraced properties, which on average sold for £187,585. Semi-detached properties sold on average for £235,849 and detached properties averaged at £325,913. Swindon, with an overall average price of £217,661, was similar in terms of sold prices to nearby Old Town (£222,659), but was cheaper than Abbey Meads (£232,688) and Blunsdon (£267,374).

Speak to one of our property experts today to find out more on what you should be doing to make the most out of the booming Swindon housing market.