Rightmove have just published their monthly House Price Index. This provides some encouraging news. When comparing today's housing market with the market a year ago the figure for the number of sellers is down by 13.5% due to the unsettling nature of the market putting off speculative sellers. Meanwhile buyers seem just as determined to buy so the number of sales remain virtually unchanged compared to the same time last year.
The number of sales falling through is also at its lowest since 2015 possibly because there are fewer speculative sellers currently on the market. This means that the more determined sellers have less competition for their property from other sellers. Buyers also have less negotiation power, now they fewer properties available to them so sellers should realise a sales price closer to their asking price.
The current market is price sensitive due to the uncertainty around BREXIT and the upcoming General Election. There is some thought that now is therefore a great time for sellers to prepare their property for listing in preparation for selling early in the New Year. Many sellers make plans during the Christmas break for the New Year. These often include selling their current home to move on in their life.
Taking the initial steps required to list a property now, rather than in the New Year will ensure sellers not only take advantage of the lack of speculative sellers but also benefit from a possible pent-up demand leading to a price rise, due to the General Election result and hopefully, a final decision being made on BREXIT.
This is why there is good news for current sellers willing to consider re-listing their home in order to attract new and more committed buyers.
And now for an update on the Guildford property market ....
Guildford has fallen in line with the conclusions arrived at in the Rightmove report. Property stock fell again in October with overall stock levels falling fractionally.
Asking prices for Guildford property have decreased up to 1% during the past month but sales prices for all property types increased slightly, with the exception of semi-detached properties. This might be because the asking prices were a little higher at the time these properties first came onto the market, typically during the Summer period.
Properties were on the market, for an average of 147 days rather than 157 in October 2019. Three bedroom houses and properties between asking prices of £500,000-1,000,000 typically spent less time on the market than properties in all other price ranges.
As we approach the end of the year the market does appear to be slowing down, as suggested by the Rightmove report. However there do remain signs of potential sales growth as buyers stay on the market and now that the General Election has been called, now really is a good time to consider listing your property.
See you again soon for next month's property update.
To request a copy of the Rightmove Price Index report please email richard.hodgson@newman.uk.com or call 01483 320207
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