“So. How’s The Market?”
After a great week of valuations and viewings, I’ve had lots of questions about the current local market, so I scribbled…
House Prices Down 1.3% in August. Don’t Panic.
Prices of homes entering the market typically drop slightly in August. Rightmove have confirmed that for the first time this year, prices are down 1.3% in August. Don’t panic though, as this is on par with trends from the last ten years, and it’s almost certainly due to holidays rather than rate rises. Expect a normal rebound towards the end of Aug/ beginning of September.
Summer holidays are taking priority (and rightly so!) with some sellers pricing more competitively to secure a buyer quickly, especially if they’ve found their next purchase. We’re also seeing sellers already think about completing on sales before Christmas.
Supply < Demand.
With the supply-demand balance still skewed (buyer enquiries are still 20% higher than in 2019), supply is increasing. And whilst I think it’ll take a few months to fully feel the effect of interest rate increases, first time buyer repayments (on 10% mortgages) now exceed £1000/month for the first time. Yikes!
I remain positive though, with sales still being made both on and off-market at great prices. We’re very lucky on the south coast, and I believe things will remain healthy here for the rest of 2022.
This is why speaking to ‘boots on the ground’ agents is important- we use market pulse data (what’s happening THIS WEEK) to guide our appraisal suggestions and when advising on moving plans.
What Should You Do?…
A good agency will help you navigate this uncertain but healthy market. It’s the same old chicken & egg question. ‘Do I sell first, or look for my dream home?’ The answer, is both: Work with a proactive agent that can ‘prep and perfect’ your marketing material ready for their buyers, as you start your search. You need to be seen as a HOT BUYER! And talk to a reputable whole-of-market brokers that can make sure you’re on the right financial path.
I’m working with several families and couples that aren’t letting doom & gloom news deter from their long term plans- if you can lock in a mortgage, now could prove to be the best time to move over the next few years.
If you’re searching for your perfect new home in Bournemouth, Poole or Christchurch, explore our properties for sale or get in touch with our team today on 01202 800571