Fri 28 Oct 2022
Naturally, working at ehB means we always have our eyes on the housing market! We know that most people simply do not have the time to stay completely up-to-date, even when they are looking to buy or sell a property. What’s more, it can be quite difficult to make sense of all of the numbers that get thrown at you! With that in mind, we have decided to write this article to give you a clear recap of what is currently happening.
To understand the housing market, it is important to look not just at the current statistics, but at how these numbers have changed over time. This makes it trickier for individuals who are not in the industry to assess their position, as they have to spend even more time trying to compare and contrast with previous numbers! Not to worry, we’ve doxae it for you.
At the beginning of October, Rightmove saw buyer demand drop by 19% in the space of a single week. This has, understandably, left many sellers feeling cautious. However, when appreciated in its full context, this is no reason for uncertainty. Despite the drop, buyer demand is still up by 27% compared to 2019 - the last ‘normal’ period for the housing market. This has resulted in agreed sales matching the same level they were during this time in 2019.
It appears as though the perceived uncertainty has led some buyers to adopt a wait-and-see approach. If we look at the number of detailed views in early October, they were up by 13% compared to last year and a huge 47% compared to 2019! This means that the mini-budget, alongside numerous other factors, has had an impact but when considered in its full context, buyer demand still remains strong!
If you are selling your home, current house prices are probably the most important factor to you! So, how has the current housing market affected current prices?
Early October saw a small uplift of 2% in price reductions, however, only 23% of properties have been reduced since their original listing - compared to 33% in 2019. This shows that whilst there have been some changes, it is nothing out of the ordinary. This isn’t a reason for concern, it shows the current market to be better, in this regard, than it was in 2019. The housing market has not seen a big rise in price reductions and asking prices are still up by 8.3% for sales and 12.1% for rentals year-on-year.
Looking To Further Understand The Housing Market?
Overall, the main thing to take away from this blog is that whilst there is some change as the market gets used to higher mortgage rates, some of the main housing market fundamentals remain positive with low unemployment, a shortage of properties available and a high desirability for people to live in Leamington, Warwick and the surrounding villages still determined to move or purchase a new home.
Whilst we cannot predict the future, our highly experienced staff, most of whom have between 15-30 years in the business, know how to navigate the market. They have seen lots of changes throughout their time and are prepared for whatever comes their way! If you need help to understand the market further then please get in touch with us on 01926 881144.
For more tips, tricks and advice you can also follow us on Facebook, Instagram, and LinkedIn. To find out more about us and our services or to browse our current listings please head over to our website.
"Dear Mark, Ros and Wendy. Many many thanksÂ for the help with the sale of our property at The Furr Marsh. We wouldn't hesitate to recommend your services to our friends and colleagues."