Selling this year? Then we've got some good news... 🍀
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Prices hit record high as new sellers respond to improving market 📢
🔹 Average new seller asking prices jump by 1.8% (+£6,647) this month, compared with the historical average May rise of 1.0%
🔹 This is a new record high of £372,894 as sellers respond with increased pricing confidence to a market
that is defying start-of-the-year expectations.
🔹 Earlier in the spring season we were seeing some caution on asking prices as home-movers continued to navigate fallout from mini-Budget
🔹 Now, with buyer demand 3% higher than in 2019 and sales agreed just 3% behind 2019's levels, this positive activity has belatedly filtered through to new sellers’ asking prices
🔹 A steadying in average fixed-rate mortgages is also contributing to greater home-mover confidence.
🔹 The average rate for a five-year fixed, 15% deposit mortgage is now 4.56%, down from 5.89% in October.
🔹 With mortgage rates starting to remain relatively stable week-to-week despite a further Bank of England increase in the base rate, home-movers can more easily understand and plan for the expected costs of their mortgage
🔹 However, buyer affordability is still stretched
🔹 Average time taken to agree a sale is 67 days, nearly double the 35-day average at this time last year
📩 Download full report from Rightmove here 📩
Photograph: Sam Barker, Associate Director at Cavendish Residential
If you are looking to move home, contact Sam for the BEST advice (sam.barker@cavendishproperty.co.uk) 👍
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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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