Latest Property News
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Frome Homeownership Rockets by 586 Homes in the Last 5 Years
The Frome housing market over the last five years has behaved oddly.
Frome house prices are 27.9% higher than in 2017, even though during those five years, the British economy had the uncertainty of Brexit and the massive fall in GDP during the pandemic.
Yet, a less observed trend is that the net number of homeowners in Frome has risen by 586 households, a jump of 3.7%.
Why has growth in homeownership happened, and what does it mean for Frome's existing homeowners (and landlords)?
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• 75% of active buyers in the UK were confident that they would purchase a property within the next 3 months
• 82% of sellers in the UK were confident that they would sell their property within the next 3 months
• 64% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 51% in March 2021
• Buyers must be decisive or risk the disappointment of missing out on their chosen property
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87% Drop in Frome Council Houses in the Last 40 Years
In 1981, 22.8% of properties in Frome (and the Mendip District as a whole) were council houses. Today, that figure stands at 2.9%, a proportional drop of 87%.
Why has the number of council houses dropped so much in those 40 years?
How has that changed the dynamics of the Frome property market in those 40 years
The ability of local authorities to build council houses came into law in July 1919 with the 1919 housing and Town Planning Act. It was one of the most important pieces of domestic legislature passed after WW1 and was the first time in the UK that a nationally public funded system of providing homes was made for the masses. It was paid for mostly by central government and provided by local authorities (councils) and public utility societies (which in later years became today’s housing associations).
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1 in 7 Frome Homeowners Unable to Sell
The average time to find a buyer for a Frome property reduced from 77 days in 2020 to 50 days in 2021.
Yet still, just over 1 in 7 Frome homeowners are on the market after 12 weeks.
Why are so many Frome homes still on the market after all that time, and what does it mean for the Frome property market?
