Is the BOOM about to go bust?
Join us as we take a look at the current property market and what has happened to property in the first 6 months of the year.
Lets firstly start with what property prices have done this year. If you bought a house in Newton & haydock for 300k in January now looking at over 310k an almost 4% increase
The Newton market saw 38 homes added in June. 16 sold in first month of marketing which is 42% of homes selling straight away.
Haydock saw 31 new homes come to market, 14 selling in the first month of marketing which is 45% selling in the first 4 weeks of marketing.
We have seen both towns have fewer listing over the last couple months and it also taking slightly longer for new homes coming to the market to sell.
A few things are likely to have created this slight slowdown in the market firstly we have seen the cost of living go though the roof at the moment, as well as interest rates rising making mortgages more expensive.
Not only that but the market has not seen the explosive double digit growth we saw in the last 2 years meaning that some sellers are trying unrealistic house prices leading to more reductions in the market.
This being said the market is still extremely busy, mortgage rates are still incredibly cheap despite the recent increases and house prices are still on the up. We have also seen enquirers for homes increasing since the start of the year going from roughly 500 enquires a month to 650 meaning buyer demand is still strong, being more than double (+113%) the pre-pandemic five-year May average.
Now we hate to mention the C word so early on in the year but if you are thinking of moving before Christmas you really need to think about getting your home on the market in the next few weeks to be in with the best chance of moving before Christmas, with the average time to get through conveyancing currently 150 days.
If you want a more in depth chat about selling your home or the property market in general please get in touch on 01925 290290 or 01744 371371