By During September, we’ve registered a healthy number of potential buyers, but viewing activity has been slower than expected. Many are understandably cautious about over-committing financially while waiting for more clarity on the new Labour government's first budget.
The supply of properties on the market has risen sharply, reaching its highest level in four years. To illustrate, in September 2021, there were 186 properties available for sale with local agents; in 2022, there were 247; in 2023, this rose to 581; and today, there are 705 properties listed for sale. With more choices for buyers, sellers may need to be more strategic in pricing and marketing.
We’re also seeing an increased level of price reductions. In the last two weeks alone, 73 properties have adjusted their prices compared to 52 for the same period in 2023, 16 in 2022, and only 9 in 2021.
Despite this slightly gloomy report, there are some positive signs: mortgage rates are beginning to ease, and lenders like Nationwide are offering more flexible terms for first-time buyers, including options of up to 6x salary, which should build confidence at the lower end of the market.
One notable trend is the surge in ex-rental properties coming onto the market as landlords react to potential changes in capital gains tax and the proposed Renters' Rights Bill. This is adding to the overall supply but could create opportunities for buyers seeking properties in good locations.
If you have questions about how to best position your property in this evolving market, feel free to get in touch for a chat with me or one of my team.
Jane Earley MARLA MNAEA
Owner /Director
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