The short answer to the question on everyone’s lips is YES prices are falling but…
The truth is, it’s more than seeing prices drop on Rightmove. Prices have fallen by an average of 1.1% this month, which is the second fall of this year. Putting that in perspective, that’s £4,159 (Rightmove). However, it is extremely common this time of year to see an increase in price reductions as many sellers want to lock in a buyer before Christmas.
As a result of the strong growth throughout this year, with buyer demand significantly exceeding supply, house prices are still 7% higher than last year at this time. This month we have seen 13% more properties enter the market, compared to last year. We have also received the good news that the stamp duty changes are staying until at least 2025.
The key to success
Pricing your property competitively has never been more critical. Those first few weeks are crucial to locking in your sale. Now more than ever you want to entice people to your property and avoid the need to reduce.
There has been a dramatic rise in mortgage rates this autumn, which makes borrowing fundamentally more expensive, especially for those looking to get on the property ladder. However, there has been a decline within the last week in those rates which may just help some people get over the line.
If you have been turned down for a mortgage by one lender it doesn’t mean all will act the same! Seeking advice from another mortgage broker is always advisable to ensure you have explored all your options. If you are seeking assistance please get in touch!
While the 2020-2022 market has been somewhat of a frenzy, we will see a return to a more stable ‘normal’ market as seen pre 2020. This may attract buyers and sellers put off by the craziness of the past two years!
So if you are looking for your next purchase, or considering if now is the right time to sell contact us here and one of our expert team at MyHaus Brighton will be in touch!