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Fri 12 Aug 2022
What’s Happening With House Prices This August?
As well as fluctuations over the years, house prices also go up and down from month to month. August is known as a time to expect a bit of a drop, but has the post-covid landscape, combined with being in the midst of a cost of living crisis and rising interest rates, had more of an effect on this in 2022? Let’s have a look into it…
August 2022 House Prices
What are the numbers saying?
Recently, interest rates have risen by 0.5%, which puts pressure on buyer affordability and has led to monthly mortgages, even with a 10% deposit, exceeding £1000 (on average) for the first time. Despite this, buyer demand is 19% higher and new listings are 6% lower than in 2019!
House prices have fallen this August, as we would have expected - this is the first time that house prices have dropped in 2022. Current statistics show that they are down by 1.3% but when we look at data from the past 10 years, this is a very typical drop.
So, it’s time for the big question…
Is It A Good Time To Put My House On The Market?
It certainly is! Let’s have a look at why…
Low Unemployment
Whilst the latest statistics show that the employment rate in the UK is still very slightly lower than pre-pandemic levels, they also tell us that unemployment has decreased by 0.2 per cent. This bounce back from the pandemic low means more people are eligible to become homeowners or upgrade their current homes!
Shortage Of Properties On The Market
The shortage of properties on the market helps to keep house prices firm as buyers are motivated and have less choice. Those looking to move have a pool to choose from instead of an ocean, so houses get snapped up quickly!
The ‘Race For Space’
The pandemic made a lot of people realise that they just didn’t have enough space to be comfortable in their city homes. That has left those who own property in towns, like Leamington Spa, in an enviable position. With better prices, more room and great transport links, buyers are ready to jump at the opportunity to own in this area!
That’s before we even factor in babies born during the pandemic whose parents haven’t had the opportunity to find a bigger home yet. Leamington Spa is hugely appealing to them, with its fantastic parks, facilities and schools.
Back To School
Speaking of kids, the summer holidays are drawing to a close, giving parents the time to look at potential new homes! Our fantastic marketing will have your property at the forefront of their minds!
In For Christmas
Many individuals and families prioritise being in their new home in time for Christmas and as it takes an average of 3-6 months to purchase a property, time is running out! Combine this with fewer properties on the market and you can see why now is a good time to list your home!
What’s The First Step?
The first step is an easy one, get in touch! Simply give us a call on 01926 881 144 or visit our website and we can get the ball rolling as soon as you are ready to go.
Our valuations are completely free and carried out by our expert team, several of whom have 15-30 years in the business. They will conduct a thorough valuation and take into account the size of your property, factor in any noteworthy features and consider other house prices in the area. We can also organise professional photographers and videographers to truly showcase your property in the best possible light!
If you would like to learn more about us, visit our website to find out why you should choose ehB.
"Hi Juliana, I was driving past your offices today and realised that I never contacted you to say thank you for all your help in the purchase of Villiers Street. I am so very sorry that it took me so long, it’s been a crazy few weeks! From my first property viewings with Clive to collecting the keys from Chris on completion day and all the parts in-between with yourself, I thoroughly enjoyed working with ehB. I saw lots of properties with an array of local estate agents and ehB were the most professional, knowledgeable and personable out of all of them (by a country mile!). You were fantastic at keeping track of the process the whole way through and really made me feel like an important customer. After speaking with many friends and family, it seems this is a very unique experience of an estate agents (particularly as a buyer) and therefore I really want you to know how appreciative I am. The house is really starting to feel like home already and I’m so pleased with the purchase. I have already sung the praises of ehB to my friends, family and colleagues. Once again, thank you for all your help in the purchase. All the best, G Sharp "