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Haxey and Westwoodside Property Report Q1 2022

Haxey and Westwoodside saw 88 completed sales in 2021, totalling £25,193,701. 50% of the sales came from 3-Bedroom Bungalows and 4-bedroom Detached Houses

Throughout my history in the Isle of Axholme, Haxey and Westwoodside has not seen much growth, a couple of small estates have popped up here and there but nothing to drastic. Some may say, we have not expanded enough, and others say, you’re spoiling our community…

Our Property Market has had a healthy and steady growth throughout, I do not think it has ever gone down. Recently we have followed the national trend and had a surge, maybe not as high as other areas but our average time on the market has been slashed.

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Five years ago, we had an average time on the market of around 250 days, today we have an average time on the market of 24 days. In today’s market 25% of all new properties to market are receiving and accepting offers within 7 days and 90% are subject to contract within 25 days.

Haxey and Westwoodside Rental Profections

This is a map of all (majority) properties sold within the last 12 months. The HM Land Registry has a large back log due to covid and an increase in sales.

Haxey and Westwoodside saw 88 completed sales in 2021, totalling £25,193,701

50% of the sales came from 3-Bedroom Bungalows and 4-bedroom Detached Houses, if I was a property developer, this is what I want to build. This is not a countrywide trend; it can change village to village. Belton over the same period only sold 4, 3-bedroom bungalows, could it be more people wish to retire in Haxey than Belton.

The most popular sold areas were Nethergate and Commonside in Westwoodside with 9 sales,

Haxey and Westwoodside Sales Map

2021 saw a price rise of around 12% in total throughout the year. The Rightmove Price Index has Yorkshire and Humberside at 12.6%, which was the 3rd highest price rise in the country. 2022, I think in the 1st quarter we have only risen by 1% where Rightmove has us increasing by an amazing 6.2% last month alone. We are levelling out, but who knows really, throughout my career, I keep saying the prices can not keep going up, but they do. Since May 2020, Rightmove values Yorkshire and Humberside at 23.1% higher, which is brilliant if we are retiring to the sun, but if we are moving across town, the increases are irrelevant. Another fact I noticed is that 75.2% are owner occupied of which 62% are mortgage free.

Haxey and Westwoodside Rental Map

My Advice to the Landlords

In the past and still quite common today is "3 year rental reviews". I know the tenant likes to budget and plan their futures, but in this very vibrant market you could be seriously losing out.

I would move to an annual rental reviews/contracts instead of the 3 year contract, which means more work for you with annual contracts and you will have to give them 12 weeks notice of a price increase or decrease (you would like to be fair, if it ever does come down)

Haxey and Westwoodside Property Rental Projections 2022

Haxey and Westwoodside Rental Profections

This is my rental forecast for this year and my projects for the next 2 years. I do know there are not many rental properties in Haxey and Westwoodside but this is where abouts you should be.

The difference in a 3 year contract and an annual contract is considerable. You have to be fair to yourself as well as your tenants. If you are on a 3 year contract, just think of the price increase your tenants are going to recieve in year 4, they wont see how good to them you have been, just say, "my landlord has put up the rent by £300"

If you would like a rental valuation / assessment or a new EPC (Energy Performance Certificate), i would be happy to do so, but as for rentals, it is not a market which i want to get into at the moment.

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Jon Gibbons | 07706 413 904 | jon.gibbons@exp.uk.com | https://jongibbons.exp.uk.com/

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