"Buyer enquiries to agents are down 4% on the hot market of 2021, but remain 20% higher than 2019." - Rightmove, August 2022. This shows that buyer demand is still strong and still outweighs the amount of available stock. Rightmove noted that the current stock levels are down 39% compared to the same month in 2019. If you are thinking of coming to market but unsure if now is the right time, speak to Andrew for further property information.
Did you know? Available stock is still down 39% from 2019. What does this mean? This is a great thing for sellers as they are more likely to receive offers closer to the asking price, as buyers do not have as much stock to choose from than pre-pandemic levels.
"Average monthly mortgage payments for new first-time buyers putting down a 10% deposit exceed £1,000 for the first time. This is 27% higher than at the start of the year. Despite this challenge, demand for properties in the typical first-time buyer sector is 32% higher than at this time in 2019." This shows that even though interest rates are increasing, these buyers are not put off. At the start of the month we saw the removal of the mortgage stress test as some first time buyers were paying high rental prices, yet could not afford the monthly mortgage repayments with the test according to lenders which were cheaper than what they were already paying in rent. With the removal of this, we may see an increase in first time buyers coming to the market.
Are you looking to be in your next home before Christmas? It may be a surprise that if you would like to be, you need to get start now. The average time it takes to sell a property in the UK is around 12 weeks but this does not include the week or two before when you book a valuation and the agent puts the property on the market. So if you would like to be in your next home ready for a big Christmas dinner, speak to us today on 01233 501601 for further information on getting you moving before the end of the year.