Number of available homes at 10-year high level, Sellers must price right to attract interest 👀
#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 🔢:
Price is key as sellers compete for buyers with big July price drop 💧
🔹The average price of property coming to the market for sale drops by -1.2% (-£4,531) this month to £373,709.
🔹 With the number of available homes still at a decade-high level, summer sellers are pricing even more competitively to attract buyer interest
🔹Realistic and competitive pricing is key to selling, both improving buyer affordability and stimulating stronger buyer activity
🔹The number of sales being agreed is 5% higher than at this time last year
🔹The number of potential future buyers contacting estate agents about homes for sale is 6% higher than last year
🔹Average new seller asking prices are now just +0.1% higher than they were a year ago.
🔹 With lower mortgage rates and average wage rises outstripping both house prices and inflation, overall buyer affordability continues to improve
🔹Rightmove’s mortgage tracker shows that the average two-year fixed mortgage rate is 4.53%, compared with 5.34% at this time last year, a saving of nearly £150 per month on a typical new mortgage
🔹The markets are currently forecasting two more Bank Rate cuts this year, which would help to further stimulate activity
🔹At the halfway point of the year, Rightmove is reducing its price forecast for 2025 from +4% to +2%, as the high level of seller competition is limiting price growth, and retaining its prediction of 1.15 million transactions this year
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 📸
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🌟 Instant online valuation (immediate response, 60-70% accurate)... Click here 🌟
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