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11 February 2023
One question we are asked above any other at the moment is what is happening with the property market? - Is there a slow down? Is it a bad time to move?
We thought we would try and answer this question and give some advice from the inside to those of you following the local housing market:
Is there a market slow down?
The final months of 2022 saw a decline in new buyer enquiries, sales agreed and house price growth*, indicating that the housing market is finally beginning to slow down after a year of significant growth. These factors could be put down to increasing economic pressures in regards to both mortgages and the cost of living. However, our own figures show that new buyer enquiries so far this year are back up to levels seen in 2021 so demand seems high currently with buyers eager to start their search for a 2023 move.
What's Happening To Property Prices?
Towards the end of 2022, sellers began to accept offers below the asking price in order to secure a sale. In October, the average discount on asking prices was at 0% and this grew to 4% by the end of the year** Again, our own figures show that, whilst demand and supply are shifting more in favour of the buyer than the last few years, there is still enough demand there to ensure properties are selling - And don't forget, if you are selling and buying on, any slightly lower offer received on your own home can be passed onto your new purchase. Talk to us about how best to do this so, in real terms, you are no worse off.
What Is the Current Level Of Activity?
The housing market typically begins to pick up on Boxing Day after the festive slow down, and 2022 was no different with 46% more properties being put up for sale than the same day in 2021. With this increase in housing supply and the drop reported in buyer demand, these factors indicate a more balanced housing market in the months to come.
In conclusion, yes the market is a bit tougher now than over the last few years, however there is still good demand there. The key to a successful sale remains the same: Correct pricing, great marketing and an Estate Agent who has the much needed experience and skill to negotiate on your behalf.
If you are considering selling, why not get in touch for some FREE, no obligation advice.
Until next time,
Paul Dobbs
Sales Director
01702 969399
* Source Rightmove
We thought we would try and answer this question and give some advice from the inside to those of you following the local housing market:
Is there a market slow down?
The final months of 2022 saw a decline in new buyer enquiries, sales agreed and house price growth*, indicating that the housing market is finally beginning to slow down after a year of significant growth. These factors could be put down to increasing economic pressures in regards to both mortgages and the cost of living. However, our own figures show that new buyer enquiries so far this year are back up to levels seen in 2021 so demand seems high currently with buyers eager to start their search for a 2023 move.
What's Happening To Property Prices?
Towards the end of 2022, sellers began to accept offers below the asking price in order to secure a sale. In October, the average discount on asking prices was at 0% and this grew to 4% by the end of the year** Again, our own figures show that, whilst demand and supply are shifting more in favour of the buyer than the last few years, there is still enough demand there to ensure properties are selling - And don't forget, if you are selling and buying on, any slightly lower offer received on your own home can be passed onto your new purchase. Talk to us about how best to do this so, in real terms, you are no worse off.
What Is the Current Level Of Activity?
The housing market typically begins to pick up on Boxing Day after the festive slow down, and 2022 was no different with 46% more properties being put up for sale than the same day in 2021. With this increase in housing supply and the drop reported in buyer demand, these factors indicate a more balanced housing market in the months to come.
In conclusion, yes the market is a bit tougher now than over the last few years, however there is still good demand there. The key to a successful sale remains the same: Correct pricing, great marketing and an Estate Agent who has the much needed experience and skill to negotiate on your behalf.
If you are considering selling, why not get in touch for some FREE, no obligation advice.
Until next time,
Paul Dobbs
Sales Director
01702 969399
* Source Rightmove
About the Author...
Paul has been successfully selling property locally since 1992 working for both large corporate estate agents and smaller independents where he rose to Area Manager.
Read about Paul