Finding the perfect new home can be a challenge, but if you know what to look for and understand the market, you can get yourself a great deal. To help you get a better understanding of the housing market in Basingstoke and make your move with success, we’ve put together this short guide.
Keep reading as we explore market trends, new developments, and what to look out for when buying a new home.
Current market trends in Basingstoke
As Basingstoke is becoming more popular, house prices are on the rise. In fact, according to the Office for National Statistics, the average house price rose to £372,000, which is 6% higher than the previous year.
Additionally, rent has also increased by nearly 8%, with average prices rising to £1,281 per month. As demand continues to drive prices up, it may be a good idea to secure your Basingstoke home sooner rather than later.
Major new build developments
Of course, in an effort to meet this high demand, there have been numerous investments and developments into Basingstoke. One key development is the Manydown Development, which is planning to build 3,520 new homes, along with new schools, parks, and more. There is also the Hounsome Fields Development, which is building a further 745 homes and investing in the local schools and various community facilities.
This high level of financial attention is helping to ensure that Basingstoke retains the high quality of life it’s known for, while its population continues to grow.
Buying a new build home
If you’re planning to buy a new build home in Basingstoke, there are a few checks you should do to ensure your home is up to standard.
Firstly, you need to make sure your new build home has sufficient warranty coverage. One excellent name to look for is Buildmark, as this is the NHBC’s 10-year warranty cover, suggesting quality and thorough craftsmanship.
You should also complete a snagging check as soon as possible, noting down any issues with the property, such as electrics and plumbing, roofing, doors, windows, and paintwork. If there are any issues, the developers should be able to quickly and easily fix this for you. By doing your snag list as soon as possible, you can easily prove that any damage was not caused by you or your family.
Economic and policy factors shaping the Basingstoke housing market
With the government introducing policies to allow the building of more homes, this should encourage even more homes to be built in the Basingstoke area. Furthermore, as supply rises to meet demand, we may see house prices level off, rather than continuing to rise. In turn, this makes it more affordable for people to move to Basingstoke, and might allow for more reasonable mortgages.
