If you’ve been following the national headlines lately, you might think the property world is a wild roller coaster. But here is a perspective from us at Emanuele & Michelle Vinci: right here in OL2 6, from the leafy surrounds of Bennett Way to the busy heart of Royton and out toward the edges of Pit Lane, the market is currently acting like a very calm, very fair referee.
Understanding Local Stock Levels There is a specific way to measure the health of a local market that doesn't rely on guesswork. We look at the relationship between the number of properties currently for sale and the rate at which buyers are committing to purchases. In OL2 6, we are currently seeing a level of housing supply that represents 7.1 months' worth of available stock.
In the property industry, we view this as a "Balanced Market." When housing supply is lower, sellers often have the upper hand due to scarcity. When it rises above this level, the market offers significantly more choice for buyers. Because we are sitting at a ratio of 7.1, the market is in a position of equilibrium. It is like a perfectly weighted seesaw; sellers are achieving fair prices, and buyers have the breathing room to thoroughly inspect a property and check if the boiler works before making an offer.
The 104-Home Shop Window Right now, there are 104 properties available for families across the OL2 6 area. To put that in perspective, imagine a long street with 104 front doors—that is the current level of choice for anyone looking to move into the area. Every month, approximately 15 of those doors see a change of ownership, meaning about 14% of the total stock is moving every four weeks.
This level of market activity suggests a steady environment. It isn't a frantic dash for limited stock, but it is certainly not a standstill either. We are seeing some beautiful homes, particularly around the Bennett Way area of Royton, fetch prices between £580,000 and £606,000 recently. People are clearly willing to pay for quality when it enters the local housing supply.
What Does This Mean for Your Kitchen Table Conversations? Because the market is "Balanced," your strategy depends entirely on which side of the fence you are on.
If you are selling: You cannot just stick a sign in the garden and hope for the best. With 104 competitors out there in the current stock levels, your home needs to look its absolute best to stand out. However, because there isn't a massive oversupply of homes, you aren't under the same pressure to drop your price as you might be in a buyer-heavy market. On average, asking prices are sitting around £255,770, though the price people are actually paying (the sold price) has averaged £219,192 over the last year.
If you are buying: You are in an excellent position because you have genuine choice. You are unlikely to walk into a viewing and find ten other couples fighting over the same hallway. You have the power to negotiate based on the current housing supply, but keep in mind that the "good ones"—the homes that are priced correctly and presented well—remain the 15 properties that successfully move each month.
For our neighbours who are staying put: Your home is in a steady, reliable pocket of the world. While we aren’t seeing prices "explode," we are seeing a consistent flow of market activity from people wanting to move into OL2 6.
Whether you're in the middle of Royton or tucked away in one of our smaller villages, the market is currently a "fair fight." And in our book, that’s the best kind of market for everyone.