Housing market update: Best July for sales agreed since 2020 🤝
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Latest Sales Market news and stats from Rightmove's House Price Index 🔢:
99 days to find a Buyer if you have to reduce price, as opposed to 32 days if you don't 🤝
🔸 The average price of property coming to the market for sale drops by a seasonal -1.3% (-£4,969) this month to £368,740.
🔸 August’s price drop is in line with the ten-year average following the bigger than usual falls in June & July
🔸 Savvy summer sellers are pricing realistically to attract holiday-distracted buyers. Lower asking prices and good buyer choice are continuing to boost sales activity, resulting in the best July for sales agreed since 2020's active post-lockdown market:
🔸 The number of sales being agreed is now 8% ahead of this time last year as serious buyers and sellers lock in deals
🔸 The number of homes for sale is now 10% up on this time last year muting the annual price increase to just 0.3%
🔸 It’s a two-speed market. While many sellers are pricing competitively and agreeing sales, others are still pricing too high:
🔸 34% of properties for sale are reduced in price, and since 2012, it’s only been higher at this time of year in 2023
🔸 The overall average time to find a buyer is now 62 days, however, it takes an average of 32 days to find a buyer if a property doesn’t need a price reduction, versus 99 days if it does
🔸 The Bank of England’s third rate cut of the year helps buyer optimism and affordability further, with Rightmove’s daily mortgage tracker showing that the average two-year fixed mortgage rate is now 4.49% compared with 5.17% at this time last year:
🔸 However, the closer than expected Bank vote has cast some uncertainty over a fourth cut before the end of the year
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For the full HP Report from Rightmove, click here for a PDF download 📩
Wouldn't it be good to know the value of your home in today's market? Contact Lisa (lisa.dahl@cavendishproperty.co.uk) for an up-to-date valuation (or complete the form opposite ➡️).
📸 Lisa Dahl-Parsisson, Head Valuer and Asset Manager at Cavendish Residential 📸
☎📧🗨
🌟 Instant online valuation (immediate response, 60-70% accurate)... Click here 🌟
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🌟 Face-to-face visit (time to suit you, 100% accurate)... Email expert valuer lisa.dahl-parsisson@cavendishproperty.co.uk to get started 🌟
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