July's sales market update packed with latest facts and figures 📊
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🔑 Key findings from Rightmove's latest House Price Index:
🔹 New sellers temper their price expectations in response to recent base rate rises and increasing buyer affordability constraints.
🔹 The average price of property coming to market drops by 0.2% (-£905) this month to £371,907, marginally below the 0% norm for this time of year
🔹 In the East Midlands, £289,777 (up +1.1% this month, an increase of +2.1% yearly)
🔹 Average time to secure a Buyer = 60 days
🔹 A relatively resilient first 5 months this year, however the number of sales agreed in June is 12% behind 2019’s more 'normal' market
🔹 The typical First-time Buyer (FTB) sector has held up most strongly, highlighting an ongoing determination from many FTBs to navigate the unsettled mortgage market and get onto the ladder, particularly with rents at record levels.
🔹 All things considered with the economy, Agents reporting right priced homes are definitely attracting motivated buyers due to shortage of property for sale compared to historic norms (12% less stock than 2019)
🔹 Average mortgage rate for a 5-year fixed, 85% Loan-To-Value (LTV) mortgage is now 5.69%, up by +0.49% compared to this time last month but still below October’s 5.89% following the mini-Budget
🔸 VENDORS BE CAREFUL!! Rightmove research shows properties that need a reduction in asking price are more than 10% less likely to find a Buyer than those that were priced right from the start! ✅
📩 Full report from Rightmove here 📩
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📸 Lisa Dahl-Parsisson, Senior Valuer and Asset Manager at Cavendish Residential 📸
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