12/09/2022
Property market update.........
For the past couple of years or more, we have seen a rapidly rising market where supply has been unable to keep up with demand for property, resulting in increased property values. This will not be news to anyone. Hold tight! The market is now showing signs of changing and the statistics are showing the first drop in house prices for months, if not years. According to TwentyCI research, Yorkshire and the Humber as a region, saw house prices drop by -2.5% over the last two months. To put this into perspective, our region has seen growth of circa 8.8% over the past two years. Relatively insignificant reductions in values when put into perspective against the price increases we have been witnessing in recent times.
TwentyCI attributes the recent reduction in values to a dip in consumer confidence due to rising living costs resulting in the £££ in your pocket now being worth less than it was previously.
So what does this mean for you, as a property owner or if you are planning to move house in the next year or two? Is it all doom and gloom? Are house sellers going to have to put off that move until the market picks up? Absolutely not. Judging by levels of market activity and new buyers registered, we are still in a strong market. There will always be a market there as many people NEED to move house out of necessity rather than WANT to move. Properties that are correctly marketed are still going under offer. As we move forward, we will inevitably see some property stock sit on the market for longer, as agents may fail to adjust (as we all need the houses on the market) and continue to over price property to win the instruction to sell. Please be mindful of overpricing when having valuations done.
We are now into a market where agents are no longer spoilt by multiple buyers for every property and will need to work that bit harder with the marketing and representation of their clients. When having valuations done on your property, make sure the agent is taking the time to include professional photography, staging advice, floor plans and a property tour. Make sure that the valuation provided is backed up by strong comparables from the local area. Unfortunately, properties which are overpriced tend to sit on the market for longer and will need to be reduced several times before it gets the traction it needs in the market.
If you would benefit from some genuine advice on the current market and the saleability of your most valuable asset, speak to me on 07507 576707.
Best wishes
Simon
