As part of our weekly blogs, one of the things we are doing is a local market analysis of the areas we cover. This week we are starting with, LUTTERWORTH!
How do different property types sell?
In 2011, there were 4,512 dwellings in Lutterworth. With 90.2% of them being houses and 9.8% flats. 49.5% of these houses are detached, 28.2% semi-detached, and 12.5% are terraced. Compared to the rest of the East Midlands, there are considerably more detached houses in Lutterworth, with only 32.2% of houses being detached in the remainder of the region. However, there are 9% more semi-detached houses in the rest East Midlands than currently in Lutterworth.
Overall, it is clear that detached properties sell for more across the market. On average, in Lutterworth detached properties sell for £329,819 while accounting for 56.6% of the yearly transactions in the local area. Compared to the East Midlands as a whole where they sell for £289,076 on average and only account for 34.5% of the transactions. Similarly, in Lutterworth, semi-detached properties tend to sell for around £224,080, accounting for 33.6% of transactions. Terraced properties on average sell for £182,421 and are just 8.8% of the transactions. However in the whole of the East Midlands, semi-detached average about £177,545 and terraces, £143,810. All of these averages give considerably higher prices in Lutterworth than in the East Midlands. And therefore, suggests that house prices in Lutterworth are generally higher than those elsewhere in the region.
What does the future look like for different property types?
Over the last 12 months the price of semi-detached properties has increased by 4.86% in Lutterworth, closely followed by terraced properties with a 3.86% increase in price. This is evidence of the increasing demand for semi detached and terraced properties in the area. However, for detached properties, they have only seen a price change of 0.2%, which shows that the price for detached properties is staying quiet consistent across the market. At the moment, no properties seem to be decreasing in value as a result of the coronavirus pandemic, this has been helped by the stamp duty holiday and the government keeping estate agents open as much as they can in order to keep the market open.
In Lutterworth, 76% of residents own their own homes. Wth 36.8% owning their home outright and 39.4% with a mortgage. 10.8% of lutterworth residents, privately rent their homes, which is 5% lover than the number across the East Midlands. The trend shows how residents in the town are more likely to own their own home then those who live elsewhere in the region.
Top transaction in the last 12 months – In Lutterworth the top transaction for a house was £1,100,000.
Overall average price for a property in Lutterworth in the last 12 months – £272,573 (8.2% increase to the previous year)
Total value of property sold in Lutterworth:
- In the last 3 months – £5.95 million
- In the last 12 months – £ 32.99 million
Total number of sales – 131 sales in Lutterworth in the last 12 months (25% decrease on the year before, mainly due to the impact of the pandemic)
If you are looking for an experienced letting & estate agent in Lutterworth who knows the areas well and can advise further then get in touch. We look forward to hearing from you.