Property News

Supply

In the last 30days we have seen the markets supply continue to make a slight climb compared to the norm at this stage of the year. It is currently sitting at 8% higher than the 5 year average.

The reason for this is that sellers are trying to quickly seize on the strength of the current market. For some builders and developers of new homes this is not the case, stock troubles are still the riding issue in the building of new homes.

Manchester Property | Liverpool Property

Demand

The immediate insistence to move for buyers has fell in the last month, this is mainly due to the cost of living crisis. This dilemma currently has people slightly hesitant as despite predictions it is still not completely clear when it will end. However, we should also say that if you were to put the demand side by side and compare to the last 12 months, demand is still higher at this stage.

Overview

The average UK house price has risen above £250,000 for the first time! Despite this new record though we are noticing the marketing is actually starting to cool. This we believe will slow the rise in the prices for the rest of the year.

Buyer demand

As we mentioned above demand for homes fell last month but is still at very high levels. From the latest Zoopla reports it seems that the time to sell is starting to rise across most property types, in most locations. The exception is flats in London, a market which is seeing its own ‘mini-bounce back’ after a drop in demand during the pandemic.

Zoopla has also reported that one in twenty properties listed on its platform “has been re-priced by at least 5% this month, with the average new asking price some 9% below the original”. This is a potential sign that buyers may be getting slightly put off by the higher prices we are seeing and may soon approach it’s natural ceiling.

First Time Buyers

First time buyers have been incredibly important to the sales of housebuilders/developers under the Help-to-Buy Scheme. This scheme though has had its deadline brought forward to October and portals such as Rightmove & Zoopla are urging sellers to be proactive in the marketing of their stock.

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