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As we approach the New Year, more properties are appearing on the market! Thankfully for buyers, these properties are staying on the market for longer. There are many reasons for this but the positive is that there is much more selection for buyers.
Many selling their properties are adamant on a price, which means they stay on the market for longer. Only when prices slightly drop do they gain more traction and sell quicker. Buyers are still not fully convinced by the market so there is still some optimism before buying. But, with more properties on the market, the rise in stock is a welcome site.
In fact, according to Zoopla, “The average estate agent office now has 23 homes for sale, the highest level of stock seen since January 2021.”
This graph, again provided by Zoopla, highlights the upwards trajectory available homes for sale:
Despite this, higher mortgage and interest rates remain a pain for many buyers. Therefore, if you are selling your property, keep this in mind when pricing your property, knowing what buyers are prepared to pay.
With more properties coming onto the market, if you’re looking for a quick sale, you’ll need to make sure your property stands out from a price point of view. Though house prices are not expected to lower drastically it’s important for both buyers and sellers to remain cautious and realistic.
It is well reported that buyer demand drops around this time of the year. However, this has happened a lot earlier than normal this year. For many, it is still simply too expensive to buy a property, especially when you factor in the current cost of living crisis.
At the moment, the market is going through some pain points. Higher mortgages and interest rates are limiting how much buyers can afford but this is expected to improve in the New Year. As we’ve seen, things can change quickly. It’s important for buyers and sellers to keep up to date with property market updates.
As always, if you have any questions, would like some advice or have any queries surrounding what to do in the current market, the Zoom team are here to help. Please feel free to get in touch:
T: 0333 358 3095 Lines answered 8-8 Mon to Fri,9-5 Sat, Calls monitored on Sun
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