Southampton Annual Housing Market Index
Highlights
· The average price of a home in Southampton is currently £171,268
· Average house prices in Southampton increased 2.7% between 2005 and 2006
· Apartments were the most popular properties in Southampton in 2006, making up 35% of sales
· Orchard Place was the street with the most sales in 2006 (83)
· Semi detached properties experienced the strongest price growth in 2006, with prices up 7.7% since 2005
The Southampton property market experienced positive growth in 2006, with prices up 2.7% on the previous year and increased sales, up nearly 30%. The town has a wide appeal, offering a range of different properties with varying price tags.
Areas to the west of the city have proved popular with young families with an increasing number of apartments in the city centre catching the attention of investors, resulting in an influx of buy-to let properties on the market. Average house prices in Southampton are below the UK average, making properties in the area highly competitive when compared
with much of the south east.
Summary
Between 2005 and 2006, average house prices in Southampton remained strong, recording a 2.7% increase in price. However, despite the influx of new apartments in the town over the last seven years, and their popularity among young professionals and in particular, investors, this area of the market is now close to saturation and as a result, they are the only property type to experience a fall in price in 2006 – down 0.7% since 2005.
In contrast, semi detached and terraced homes have proved increasingly popular with buyers as a growing number of young families look to move into the town. An increasing number of sales for both property types were recorded last year, with rising prices to match – average prices in 2006 were up 7.7% and 5.6% respectively.
Download the pdf document to view detailed illustrations of the Southampton housing market
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