SALES MARKET UPDATE: Average time to SECURE A BUYER rises to 2 MONTHS! 🔍
#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 🔍:
Better than expected market surprises many as buyers return...
💠 The average asking price of newly listed property is neither up or down this month i.e. +-0% (by just +£14) to £362,452 (in the East Midlands = £280,214)
💠 'Flat prices' are often seen as a positive sign for the rest of the year
💠 Annual growth across the country over the last 12 months averages at +3.9%
💠 In the East Midlands, we are down by -2.3% this month, however our 12 month average is up +4.6%
💠 Average First-time Buyer property = £223,249
💠 Average time to sell = 62 days, compared to 31 days in April last year
🔸 Buyers contacting agents is up two months in a row compared with same period 2019 (+11%)
🔸 Remarkable turnaround!... Sales agreed are now just -11% down on same period in 2019’s more 'normal' market
🔸 Picking up from -30% down following aftermath of September’s mini-Budget
🔸 Perhaps even more surprisingly, First-time Buyers are leading the way: likely driven by high rents
🔸 Mortgage rates have edged downwards too
🔸 Typical 5-year fixed mortgage with a 15% deposit = 4.82% (compared to 5.9% last October)
🔸 Number of homes for sale is up by +48% on the record low levels of last year, however still +24% lower than long-term norms
🔸 Though it is still very early in the year, this month’s key metrics suggest that many buyers are seeing reasons to get on with their moves, and have the confidence to return to a market which, so far, is stronger than many
expected
📩 Download full House Price Index Report from Rightmove here 📩
👆 FOR AN INSTANT ONLINE PROPERTY VALUATION at the click of a button 👆
📸 MAIN IMAGE FEATURED PROPERTY: Recently SOLD by Cavendish Residential | Two double bedroom apartment in the City centre tenanted until September 2023 | Weekday Cross NG1 | £180,000 | More details here.
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#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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