The property market moves with a spring in its step.

As we start to enter the spring season, the housing market annually sees an influx of buyers and sellers wanting to move. This year is no different, with Rightmove stating this month an increase of 0.8% in prices, however, it must be noted that this is 0.2% lower than the 20-year average for this time of the year and this month was largely due to a 1.2% growth in homes sitting at the top of the ladder. Annual growth has slowed to 3.0% as asking prices are now on average nearly £6,000 lower than they were in October and therefore pushing the market to pre-pandemic levels.

First time buyer properties are leading the market recovery with only decreasing in price by £500 since their record prices last year. Rightmove has showed that the number of sales agreed in this sector are showing a quick recovery in the last fortnight, the amount has only been 4% less than the same period in 2019. It must be noted that there is a decrease of 18% behind last year which proved to be record-breaking.

The second-stepper sector has seen the number of sales agreed fall behind by 13% compared to the same period in 2019 and a 10% decrease for top-of-the-ladder homes. Yet we have seen a small increase in asking prices of 0.4% and a 1.2% rise in the top end sector. “One contributing factor to larger home sales lagging is a reduction in pandemic-driven lifestyle changes. The proportion of buyers enquiring to make a move over 50km away from where they live is now 15%, the same level as 2019 and below its pandemic peak of 18%” (Rightmove, 2023).

Mortgage rates are starting to decline, which hopefully will fall hand in hand with the spring market and therefore see more buyers and sellers return.

Would you like to know how much your Kent home is worth on the current market? Call us today on 01233 501601 or use our valuation page.

READ MORE: https://www.rightmove.co.uk/news/content/uploads/2023/03/Rightmove-HPI-20th-March-2023-Final-1.pdf