Despite the wider economic background, we are still seeing good levels of interest in property when priced and marketed correctly. This mixed with some good old fashioned estate agency and plenty of newer techniques is still bringing good results for clients. It is, however, hard to avoid the news headlines with rising inflation, rising cost of living, rising fuel prices to name a few. We have recently seen reported the government scrapping mortgage lending criteria “stress tests” which you may think an unusual move in the current situation, given it was there to protect us from the kind of lending that helped create the economic problems in 2008.
Despite this we are still seeing Rightmove reporting:-
– Average property price rising to £368,614, though the pace of growth is slowing
– A better balance between supply and demand
– Annual price growth on track to reach 5%
– Buyer demand has dropped by 8% but remains 6% higher than last year
– 7% increase in available properties compared to last year but still below 2019
– Average time to get through conveyancing 150 days
Some interesting statistics, though it is worth bearing in mind that these are across the nation as opposed to North West specific. As agents we have seen some responses to new launches be more akin to “pre-covid” patterns and others attracting high levels of interest. Interest in high end property continues along with houses with land or property offering alternative use potential remain strong in good locations.
What do the numbers mean for those people looking to bring their home to market?
– The market is still strong, careful consideration as to pricing and marketing is important to attain a sale while the market remains strong
– There is a little more time to breathe – with the pace steadying and supply and demand getting to a better balance, the vendors who were worrying that they wouldn’t find where they would move to if their property “flew of the shelf” may have a little more time to look. (this is obviously a case by case basis). In any event, your agent should be managing everyone’s expectations.
– The pace of growth is steadying – many people have struggled with the concept of value and what they can get for their money as the market has been so fast paced. With a steadying, it will be easier to see your next move.
– The national average length of the conveyancing process means that in order to move this year you need to bear this in mind. Act now to plan your Christmas dinner in your new home. This being said, we work with many speedy solicitors who can “get things done” but where we have complex chains an extended time period may be needed