Inside Homes Market Review

Inside Homes Market Review

You can be in your dream home for Christmas 2017!

Now that the summer holidays are over and the children are returning back to school, many peoples focus will quickly turn back to that dream move. The good news is that September is traditionally a great time to get on the market AND a move before Christmas is still possible!

The price of property coming to market in August, traditionally drops slightly due to the summer holiday lull. Last month was in line with the average for this time of year with a slight fall in asking price, down by 0.9%. However, we are seeing that buyer demand remains strong, despite the summer holiday season. There continues to be an influx of sold boards, a trend we expect to continue. Don’t forget, if you are looking to move before Christmas, your window of opportunity starts now and is ending soon!

Inside Market Review

Inside Market Review

Influx of sold boards restricts choice as buyer demand remains strong

The onset of the summer holiday season generally has a dampening effect on both prices and activity, and this month sees the price of newly-marketed property at a virtual standstill, up by just 0.1% . To put it into context,this is a stronger price performance than the previous month’s fall of 0.4%, and is also well ahead of the same month a year ago which suffered a fall of 0.9% after the Brexit referendum.

As we reach the half-way point of 2017 the fundamentals of the housing market appear to remain robust a year after the shock referendum result. Interest rates remain low, and demand for housing remains high, exacerbated by the shortage of available unsold property for sale. This means prospective buyers in many parts of the country are seeing a lot of sold boards on properties they would like to buy themselves. Indeed, the strength of buyer demand and lack of new build and existing property coming to market have resulted in over 45% of agents’ property stock being sold subject to contract.

The Inside Market Review June 2017

The Inside Market Review June 2017

House prices have the under-elevens to thank to help keep the market moving

The latest data from Rightmove shows, the price of property coming to market has risen by 1.2% (+£3,626) this month to a national average of £317,281.

Research shows that home-owners with children under eleven years old are twice as likely as the average person to be moving home, with their typical target property types being three and four bedroom homes.

 

The Election Effect

Pre-election periods typically cause a pause in activity, but the price growth and strong year-to-date numbers of sales agreed indicate that many may be undeterred, with the strongest sector for price growth appearing to be typical family homes.

This snap election has had less of an effect on the housing market than the previous election in 2015, with the number of sales agreed by estate agents remaining robust.

Inside Homes is dedicated to being an expert in the property market. If you would like any information about what the market is doing where you live, please call us on 01926 818288.