August's sales market update packed with latest facts and figures š
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š Key findings from Rightmove's latest HPI report:
š¹ The average asking price of newly marketed properties drops by -1.9% this month to Ā£364,895 š»
š¹ That's an average drop of Ā£8,000 in last few months š°
š¹ This is the biggest drop in asking prices at this time of year since 2018 (despite August's traditional summer slowdown) š
š¹ In the East Midlands, Ā£285,650 (down -1.4% this month, an annual decrease of -1.1%) š»
š¹ Sellers pricing competitively to attract a buyer against the backdrop of holidays, cost of living pressures, and the highest Bank of England Base Rate since 2008 š
š¹ Having said this, average prices still Ā£59,000 (+19%) higher than in August 2019 šµ
š¹ However, number of sales being agreed is now -15% lower than at this time in 2019 š«
š¹ Buyer affordability remains strong with lower prices, higher average earnings and downward mortgage trends ā¬
š¹ The average 5-year fixed mortgage rate is now 5.81%, down from 6.08% this time just three weeks ago and is currently showing tentative signs of further improvement š³
š¹ Number of available properties remains historically constrained and is currently 10% lower than in 2019 š”
š¹ Properties priced right from the outset find a buyer on average in 27 days, less than half the 66 days that it takes if the home requires an asking price reduction after it has come to market š²
Pricing right in the current market is key to attracting a buyer!
š© Full report from Rightmove here š©
š Is your property not generating interest? We wrote an article that will help for sure... Click here š
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šø Lisa Dahl-Parsisson, Senior Valuer and Asset Manager at Cavendish Residential šø
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