This February for our Local Market Analysis we are looking at the Villages Surrounding Lutterworth. So this will include all LE17 5 and LE17 6 postcode areas!
How Do Different Property Types Sell?
In 2011 there were 4,123 dwellings within this area. 60.2% of them are detached, 26.1% are semi detached and just 11.4% are terraced properties. However, in comparison with the rest of the East Midlands, there is a considerably higher percentage of detached properties within this area itself as there is only 32.2% in the region as a whole. Alternatively, when we look at the number of semi detached properties, there is only a 9% increase in the number of them when comparing the Lutterworth villages to the rest of the region as a whole.
In the Lutterworth surrounding villages, there is a clear increase in the average price by property type. Detached properties on average sell for nearly double the price of semi detached properties in the area. This differs from the average price between semi detached properties and terraced properties as for these there is only a £43,000 difference on average.
The Lutterworth surrounding villages are a more expensive area than the rest of the East Midlands. Detached properties on average cost £3290,704 in the region compared to £444,290 in the Lutterworth villages. The same is true for terraced and semi detached properties – they can cost around £85,000 more in the Lutterworth villages than the East Midlands.
How Have The Average Prices Changed? What Does This Mean?
Over the last 12 months, the biggest change in average price by property types is with terraced properties. These have seen an 8.62% increase in price. This is far higher than the price change for terraced properties in the East Midlands which only saw a 2.07% increase. However, for detached properties, we have seen a small decrease in the average price over the last 12 months. Similarly in the East Midlands, there was just a 1.54% increase in price. For semi-detached properties, there has been double the price increase in the Lutterworth villages than in the East Midlands.
These increases in price are related to more people moving into more rural areas after the coronavirus pandemic. People are preferring to live in the countryside not in a large town or city, henceforth resulting in higher demand and more competition for properties in the area.
42.1% Of homeowners in the Lutterworth villages own their home outright, this is 10% higher than the East Midlands in total (33.2%). 41.8% of people own their home with a mortgage this is 5% higher than the 35.6% of people in the rest of the east midlands. Only 9.6% of people in the Lutterworth villages live in privately rented accommodation, this is 6% lower than the rest of the region. This suggests that people in the area are more likely to buy a house rather than rent one.
The top transaction for a property sold in the Lutterworth Villages, over the last 12 months was £1,112,000.
The average price for a house in the Lutterworth surrounding villages was £342,339. This is a price increase of 4% from the previous year, which is not a much as we would expect to see so it is good that even though there is now a higher demand for the number of people wanting to move house.
Over the last 3 months, the total value of the property sold in the Lutterworth villages was £9.56 million. Over the last 12 months, the total value of the property sold in the area was £45,773,869.
The total number of sales in the last 12 months was 142. This is a -20.2% change in the number of sales from the previous year. The majority of this is due to the housing market shut down during the first nationwide lockdown in March.
Come back on the 18th of March for a local market analysis of Countesthorpe!