I was wandering through Nether Langwith earlier this week, just as the sun was beginning to dip behind the trees near Trout Beck Cottage. I bumped into a gentleman who has lived in the area for forty years. He asked me a question I hear at least five times a day: “David, is it a good time to move, or is everyone just staying put?”
It’s a brilliant question. Moving house can feel a bit like a game of musical chairs; sometimes everyone is sprinting for a seat, and other times, the music is slow and there’s plenty of room for everyone to sit down comfortably. Right now, across the NG20 postcode, we aren’t sprinting. We are in what I like to call a "Balanced Market."
What on earth does "Balanced" mean? Imagine you’re at a local village fete. If there’s only one cake for sale and fifty hungry neighbours, that’s a "seller's market"—the person with the cake holds all the power because supply is so low. If there are fifty cakes and only one hungry person, that’s a "buyer's market."
In NG20 right now, it’s like having just the right amount of cake for the people who want a slice. Neither the person selling the home nor the person buying it has a massive upper hand. It’s fair, it’s steady, and the stock levels are remarkably consistent.
The "Shop Shelf" Factor Did you know that right now, from the quiet lanes of Langwith to the bustling streets of Church Warsop, there are exactly 198 properties currently for sale? That might sound like a lot, but in a big area like NG20, it represents a healthy amount of choice for buyers.
Every month, we see about 21 homes find their new families. If you do the maths, that means about 11% of the total housing supply is being secured by buyers every four weeks. It’s not a frantic rush, but the cogs of market activity are definitely turning.
Understanding the Supply Balance Here is a helpful way to look at the current landscape: we are currently seeing a ratio of roughly nine available properties for every one sale agreed in a month. In the property world, when the volume of properties currently for sale reaches this level relative to buyer demand, the market conditions tend to favour the buyer.
Because of these current stock levels, buyers have the luxury of choice. You don’t have to feel pressured into a decision over a cup of tea; you can actually go home, sleep on it, and maybe even visit the house a second time. The high level of choice for buyers means you can be thorough in your search.
From Warsop Vale to Whaley Road We are seeing some lovely homes changing hands. Whether it’s a grander spot like Warsop Cottage Farm fetching £885,000 or a charming terrace in Warsop for £420,000, people are still making big life changes. The "price people are actually paying" across the area over the last year sits at an average of £159,169. This is quite a bit lower than the average "asking price" (what people hope to get) of £191,510, which tells us that with the current level of competition for sellers, there is definitely room for a bit of friendly haggling!
What does this mean for you?
- If you are selling: Your home will find a buyer, but you must acknowledge the competition. Because there are 197 other properties currently for sale competing with you, your house needs to look its absolute best and be priced sensibly to stand out in the current housing supply.
- If you are buying: Breathe! You have plenty of choice. You have the power to ask questions and negotiate a price that feels right for your pocket because the market isn't undersupplied.
- If you are staying put: The fact that 300 moves happened in NG20 over the last year shows our local area is still a very desirable place to call home. Your "bricks and mortar" are part of a steady, reliable community.
Whether you're in a cottage in Nether Langwith or a family home in York Terrace, the market is playing fair this July.