Sales market update: first-time buyers face record prices 💹
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Key findings from Rightmove's latest HPI Report 🔍:
First-time buyers face record prices as sales recover
🔸 New seller asking prices rise by just 0.2% (+£890) this month to £366,247 which is notably lower than the average increase of 1.2% for this time of year
🔸 In the East Midlands, average price is £286,791 (up 0.9% this month)
🔸 Whilst it’s been a rollercoaster journey so far, the number of sales agreed is now on a par with the same
period in 2019 (defying the expectations of many)
🔸 One of the dips in this market rollercoaster the mini-Budget last September, where sales agreed plunged 21%
🔸 Leading the recovery to pre-pandemic sales levels is the First-time-buyer sector (two-bedroom and fewer properties) with sales volumes in this sector now 4% higher than in March 2019
🔸 By contrast the sectors with larger homes, the second-stepper and top-of-the-ladder sectors, are still 4% and 3% behind 2019 respectively
🔸 First-time-buyer type properties have reached a new record price of £224,963 this month
🔸 Surprising given higher mortgage costs and challenging deposit payments, but understandable when you consider soaring rents, making buying compelling for those who can raise the deposit and obtain a mortgage.
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