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The Property Market Is Stabilising

Fri 17 Feb 2023

At the start of the month, Halifax, Britain’s biggest mortgage lender, stated that stability has started to return to the UK property market. This is great news for everyone, buyers and sellers alike! Plus, with spring on the way, we’re preparing ourselves for busy times ahead.

Let’s Have a Look At Some Property Market Statistics

Currently, when we consider the return of stability, we are generally looking for statistics to be similar to pre-pandemic averages and this is exactly what we are seeing for the start of 2023.

The most recent statistics show us that so far this year, there have been 139,006 new listings (up to 5th Feb 2023). This is interesting to compare to the 2017 to 2022 average (for the same time frame) of 136,341. So, things are actually a fraction busier than we may have expected.

However, is this return to a stable property market being reflected in the number of properties being sold?

In short - yes! 90,520 UK properties have been sold so far in 2023 (up to 5th Feb 2023) whilst the average for this period from 2017 to 2020 was 92,756. So, this is fractionally lower, yet still, we are seeing an indication that the UK is right back on track. Plus, we have seen a reduction in sales falling through, which is great news as it reduces stress for all parties involved.

A look at the mortgage market may help to explain why 2023 is off to such a great start. It has seen a strong bounce back, following the difficulties related to last year's mini-budget. There are currently over 4,300 residential mortgage deals available, this is the highest recorded level in the last six months!

The second week of February saw 21,748 UK properties sold, the highest so far this year. Does this mean we are ramping up to the busy period that comes with spring…? 

Why Does The Property Market Get Busy In Spring?

The property market tends to follow some general patterns throughout the year, one of these is that when spring arrives, things get busy. But why is this? Some possible reasons are:

In For School - All parents know that kids can find it difficult when their schooling is disrupted, therefore, many prioritise getting settled in their new homes in time for the new school year to start. This makes early spring the ideal time to get their housing arrangements sorted as the average conveyancing period is 3 to 4 months once a sale is agreed.

Gardens/Lighting - When properties look better, they sell better, and the start of spring brings gardens to life and provides better lighting both indoors and outdoors. Of course, with our photography, 3D tours and quality marketing, we can make your property look fantastic at any time of year.

Motivated Buyers - Buyers are more likely to get out and about looking for their new home as the weather is starting to get nicer. They also aren’t too busy with summer holidays or Christmas plans, so they have the time to explore the market.

Looking To Sell?

If you’re looking to sell, we think you should take advantage of the stability of the property market and the busy time of year. Preparing your house for sale, booking your valuation and allowing ehB to produce your marketing material now means that your listing will be live before the market is flooded with mid-spring sales. 

With our help, you can take full advantage of the temporary period of low supply and high demand. That’s a recipe for a quick sale at the right price!

Contact us today to get the process started - 01926 881 144.

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"We have found Rachel at ehB lettings department to be very professional and very helpful so far. Everything is running nice and smoothly, very pleased."
Dawn Bartlett

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