November 2022 Market Summary

Welcome back to the monthly ZOOM UK Property Market Summary. This month, we’ve got a few updates to run through on what is a slowing down market as we approach the New Year.

Sales Slowing Down… Even More! 

In what continues to trend downwards, we are noticing that sales are slowing down in the market. This is not unusual given the time of the year, with many not wanting to put their property on the market now, wanting to wait until the New Year. Those that have their property on the market now, are noticing that slightly lowering asking prices is resulting in a quicker sale, with some buyers more willing to and ready to buy a property, due to improving circumstances. 

There’s been a very marginable bounce back in sales in the sense that interest rates peaked and have come back down slightly. We were looking at interest rates in the 6's, come down to mid 4’’s which has made buying slightly more reasonable, thus contributing to slightly more sales. So whilst in general, sales are slowing down, we are noticing a small glimpse in sales increasing. With many hoping this trend continues to improve into the New Year.

However, many buyers still aren’t confident about the market. This means that those looking to buy, will most likely need to be wowed with a great price on a property to be tempted to buy. Again, highlighting the importance for sellers to lower asking prices where possible. 

For those wondering, as to why property sales slow down towards the end of the year / Christmas time, there’s a few reasons. Firstly, the natural mentality of many is to simply wait until the New Year. With the idea that now is not the time to look for a new property or to sell. The bad weather and shorter days also contribute to a slower market. With current uncertainties on interest rates and instruction levels, with the reasons mentioned, many are simply waiting until 2023. 

Are you looking to buy or sell in the coming month? Are you also waiting until the New Year? Remember, if you need any support, you can count on the Zoom team.

‍T: 0333 358 3095 Lines answered 8-6 Mon to Fri,9-5 Sat, Calls monitored on Sun

‍E: sales@zoomestateagents.co.uk

‍‍E: lettings@zoomestateagents.co.uk

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