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The Doncaster Property Market

My View on the Doncaster Property Market | June 2021

Valuation Scales

The Doncaster Property Market and the UK Property Market was predicted to be in a Recession after Lockdown. The fact is, it has been so very bouyant recently.

I have data from 2006 until present, analaysing it, prices dropped until 2013 / 14. Since then they have risen in every category except one.

There are quite a lot of factors which determine the house prices, Supply and Demand, Interest Rates and Jobs, Infrastructure and Supply Routes, Family and Schools. Doncaster was over supplied and prices fell until the surplus supply was taken up.

From the begining of Lockdown in 2019 until June 21, in Dn9 (for example) the average house prices are up 10% which is excellent (given what we have just gone through), but the time on the market has been slashed from an average of 275 days to just 73 days. Normal laws of supply and demand say the prices will rise.

Average Prices By Type in Doncaster

Type
Sept 2006
May 2021
Change
Detached
£240,830
£300,323
+24.7%
Semi
£139,493
£171,480
+22.9%
Terraced
£103,815
£155,583
+49.8%
Flats
£144,418
£127,293
-11.8%
Average
£157,139
£188,670
+20%

Supply By Type in Doncaster

Type
Jan 2007
May 2021
Change
Detached
226
84
-63%
Semi
396
130
-67%
Terraced
164
70
-57%
Flats
89
74
-17%
Total
1157
388
-66%

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Doncaster house prices surge as demand meets a record high

Moving Home

Throughout the UK house prices have risen to record levels, no one expected that 18 months ago. But I did say prices wont go down, I have experienced it before.

I have read and watched videos of many experts try to analyse this, they say, Lockdown has caused many people to think and re-evaluate their lives. The majority on lockdown have discovered a couple of things, one, they do not need to go in to the office and they can work effectively and adequately from home, secondly, their current homes are quite small and they could do with extra space an extra bedroom or office space, thirdly, if there is no need to go into the office everyday, there is no need to live near the office then why live close by?

I can imagine the conversations, why do we live in the city? We can move a little further away? We could sell our 2 bed flat and buy this 3 or 4 bedroom house, with a garden for the same price? It makes perfect sence, but, if everyone moves out of the cities to the surrounding areas, wont the inner city prices plumit?

The Laws of Supply and Demand say yes, this will happen, it may be a little too soon to see an effect, if this trend continues, inner city prices will fall. We are experiencing it right now with the "out of town shopping" effect, department stores could have twice the size and double the products, just by moving a few miles down the road, now the town centers are empty of customers (parking, congestion, shops spread apart, etc) and now the surviving stores are closing down, they have high rates and pricewise and product lines, they can not compete with the 'out of town' and 'online shopping'.

Commuter station

Doncaster is what I call a 'fringe commuter town', one hour and ten mins into Kings Cross, not bad, would you want to do it everyday? Probably not, but given the house prices in London and getting around London is sometimes not easy, so people have to weigh it all up. Now, given that people do not need to go into the office everyday or every week, Doncaster has suddenly become very appealing.

What does it all mean anyway, I am not moving, so it does not really matter how much my house is worth. I can only benefit by selling and finding a place close my work and away from the commuter belt which is better and cheaper or to downsize.

When it is time to retire, you may wish to sell up and move to a cheaper country, then the house prices really matter, but selling here to move here is all relative.

There is a major issue here though, prices rise too high that our own children can not afford to live where they were born, our jobs just do not pay enough to sustain a mortgage. For example, a couple of retail workers earning £12,000 each could have a maximum mortgage of £105,000. A new 2 bedroom home with Barrett is £154,000 and Taylor Wimpey offer a 3 bedroom for £179,000. Already, without a large deposit, locals are priced out of the new starter home market. To afford the 3 bedroom house, the principle buyer must have a salary of £28,000 and the secondary £12,000, I do not have to tell you these jobs are few and far between in Doncaster, especially Doncaster North. Unemployment has risen to 12.6% (Dec 20) against the Yorkshire and Humber figure of 4.4%

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

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