The good news is..... Sales are UP by 14.8%. Viewing ratios are UP. New instructions…
Welcome to the July 2023 property market comment.
When the weather’s fine it does seem to put a spring into the step of the property market and that is certainly the case at the moment. In fact, the traditional activity of a Spring market has overflowed into the summer this year, which is great news all round.
Although we know that the inevitable correction to what was an overpriced market is gently happening, that need not be a concern for most people. In fact, this is good news if you are trading up, as the saving on your more expensive purchase will be greater than any depreciation on your sale. But the figures are not huge, with the Halifax reporting a just 0.1% fall in prices last month. We might even have already had the worst of it!
But bank and Land Registry stats are usually months out of date. More interesting is the number of sales actually happening right now, which, in the first week of July, was nearly 3% higher than the weekly average so far this year. This could have something to do with the fact that there were 4.2% more new to market listings than average, but, if those are well-priced, then they are prompting about 20,000 existing sellers a month to reposition their asking price in order to compete with the new entrants, who are pricing to sell. The days of buyers competing to buy a property are being replaced by sellers competing to sell.
So, we actually find ourselves in a relatively healthy position – lots of choice for buyers, which is enabling sellers to come to market as they know they will be able to find their onward purchase fairly readily (unlike the immediate post-pandemic market, which was frankly out of control).
If you’re selling – it’s critical for many reasons, to get your price right from day one. DO take your agent’s advice here and be wary of the agent who just tells you what you want to hear. Secondly, take interest from a buyer very seriously. They might think they can negotiate you down, and that’s where you need a great estate agent fighting your corner so you come out of this delighted!
As ever, if you’d like any advice about the local property market in the context of your own needs, then please do call us – for straight-talking, good advice – as we’d love to help you move. Book your valuation here online.