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2nd October 2023
Autumn Property
Market Trends Report October 2023
The autumn season for the property market is usually a busy one as things pick up after the annual summer slowdown. Essentially, anyone who wants to be in a new home by Christmas is already seriously thinking about putting in an offer and those wanting to sell know the time to act is right now.
This year has seen a return to more normal cycles of the
market after the exceptional times of the pandemic. This naturally includes ups
and downs and people have certainly had their fair share of difficulties this
year.
However, the latest decision by the Bank of England to keep the
base interest rate on hold after 14 consecutive increases is a welcome
piece of good news. The result is that mortgage affordability is already
increasing across the board and even better deals are expected to be on the
way.
Market resilience
The latest benchmark
data from Rightmove has revealed that average new seller asking prices
increased in September by 0.4%. Even though this is a modest gain, it proves
once again that the facts stand in stark contrast to the negative media
headlines.
Buyer enquiries were at a similar level to the normal
pre-pandemic figures being just 1% down on the same month in 2019. However, the
first-time-buyer sector saw enquiries increase by 1%.
These UK-wide figures offer a snapshot of the health of the
market in general. However, whether you are selling or buying the varying
demand across the country means it's the state of the local property market
that really matters,
Local matters
We've been talking about this 'hyper-local'
effect all year because in Brighton it really does come into play on a
street by street basis.
For instance, whether it's a consideration for you or not,
the location of a property in relation to school catchment areas can have a big impact on market value.
Likewise, two neighbouring properties may be vastly
different in terms of appeal and pricing due to extensions, interior redesigns
or even just the general state of repair.
These are the kind of factors that need to be taken into account and why the only way for anyone selling a property to get an accurate market appraisal is to ask a knowledgeable, multi-award winning experienced independent estate agency. That's what we are, which is why we are your best port of call.
Proper pricing
Rightmove's latest data also has an interesting statistic
regarding price reductions.
Their research shows that 36.3% of properties currently for
sale nationwide have had a price reduction. This might sound like a significant
amount, especially as the general media keeps reporting on this heavily, but in
fact the five-year pre-pandemic average for at least one price reduction is
31.2%.
It's certainly not a sign that the property market is in
free fall.
What it actually means is that it's really important to get
the price right when you first go on the market. When a property has been
reduced in price it's called becoming 'stale' and far from instantly attracting
potential buyers it can have negative connotations too.
Rightmove reports that properties that are being priced
correctly are selling five days even faster on average than at this time in
2019.
More choice
Right now the number of new properties coming to market across the country is increasing, highlighted by Rightmove revealing that 12% more homes were on sale in the first week of September. When it comes to the smaller section 'top of the ladder' properties, new listings of high end homes actually went up by 24%.
The main points to take away from our market overview as we
enter the last quarter of the year is that there are positive points to be
found for both buyers and sellers right now. With interest rates on hold,
inflation figures expected to fall and house prices holding up there really
doesn't seem to be many reasons for negativity.
If you would like to know more about Brighton's property
market get in touch
with us.
Woodingdean and surrounding areas: 01273 278 866 [email protected]
Brighton and Hove: 01273 677 001 [email protected]