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The Housing Insight Report from Propertymark outlines the trends affecting the UK housing market, using statistics submitted monthly by surveying member estate and letting agents, including GSC Grays. The latest report can be found here.
The top trends identified nationally saw 72% of sales agreed secured below the asking price in November. This was due to a 36% decrease in buyer competition and an increase in the total available properties on the market, which puts buyers back in the driving seat.
So how do we compare?
Such national trends are a somewhat exaggerated version of what we are seeing across our North Yorkshire and County Durham offices.
Tim Leonard, Regional Agency Manager at GSC Grays reports, “After the economic and political miss-steps by the government in the September mini-budget, we have seen the balance of power between buyer and seller slowly changing. There is a softening of market activity across all four of our agency branches with less asking price offers agreed.”
However, Tim argues that the slight fall in activity across the board in October and November is not the beginning of a property crash.
“While the economic climate is challenging due to rises in interest rates, the cost-of-living crisis and inflation, we still have supply and demand issues across all price brackets and employment levels remain high.
“New applicant numbers have fallen, but only slightly, with a 14% decline in new buyers in our region in comparison to the 36% decline reported nationally. The increase in the number of available properties reported nationally is reflected across our branches, a result of it taking longer to secure sales as buyers search for the best mortgage offers. That said, supply continues to be well below what would be our historical norm.”
The undersupply of properties and marginal decrease in new applicants in our region means that while prices may be falling marginally in some areas, our region is faring relatively well, with 45% of sales agreed secured below the asking price, a much lower proportion than the 72% reported nationally.
Tim states “It’s clear that a more balanced and realistically priced market is developing but I do not expect prices to fall off the edge of a cliff. I think it’s also important to remember that the success of selling any house comes down to the 3 P’s – price, position and presentation. If you have all three aligned in any market your property will sell.”
Speak to your local GSC Grays agency for professional advice and expert guidance to selling your home.