May Market Momentum: Newton & Haydock Property Boom
May has been a dynamic month for the property markets in Newton and Haydock, with increased listings, faster sales, and more accurate pricing.
**May Market Update: Newton & Haydock Property Market**
As the property market moves into the summer months, both Newton and Haydock have shown encouraging trends, indicating a vibrant and active market. Let's dive into the key updates for May and what they mean for buyers and sellers in these areas.
**Newton: Increased Listings and Improved Pricing**
In May, Newton saw a significant increase in new home listings, with 42 properties coming to market, up from 37 in April. This surge in new listings is a positive sign for potential buyers looking for more options. Among these new listings, 14 homes went under offer within the first four weeks, which is three more than the previous month, demonstrating a robust demand.
A particularly encouraging sign is the reduction in price reductions, which fell to just 8 in May. This indicates that both estate agents and sellers are getting better at pricing homes correctly from the outset. Correct pricing is crucial in the current market, as properties that require price reductions tend to take more than three times longer to sell compared to those priced accurately from the beginning. This trend gives sellers who price their homes right from the start a significant advantage in selling more quickly.
**Haydock: Robust Sales Despite Fewer Listings**
In Haydock, the market dynamics are slightly different but equally positive. May saw 29 new homes come to the market, a slight decrease from 31 in April. However, the number of properties selling within the first four weeks has surged, with 13 homes going under offer, marking a 20% increase compared to the previous month. This uptick in early sales is a clear indicator of strong buyer interest and quick decision-making.
Additionally, the number of homes being reduced in price has almost halved compared to the previous month, suggesting that initial pricing strategies are becoming more accurate and effective. This improvement in pricing accuracy benefits both sellers and buyers, facilitating quicker sales and reducing the time homes spend on the market.
**THINK Estate Agents: Leading the Market with Efficiency**
At THINK Estate Agents, May has been a month of substantial activity and success. We registered 85 new buyers, reflecting a healthy interest and a buoyant market as we move into the summer season. According to Rightmove, it currently takes an average of 62 days to find a buyer. However, our agency is outperforming this benchmark, securing buyers in just 50 days on average. This impressive efficiency is thanks to our 9-step process, designed to ensure homes sell for a premium price.
**Market Confidence and Rental Growth**
The overall property market continues to show confidence, with asking prices rising for the fifth consecutive month. Although house prices are only 0.6% higher than this time last year, the sustained growth is a positive indicator. Moreover, there have been 17% more sales this year compared to the same period in 2023, a strong sign that the market is on an upward trajectory.
Rental growth also remains strong in the area, particularly given Newton and Haydock's strategic location between Manchester and Liverpool. Both cities have experienced some of the highest rental growth in the country, with nearly double-digit increases over the past year. The high demand for rental properties, combined with a shortage of available rental stock, suggests that this trend is likely to continue in the near future.
**Conclusion: A Great Time to Buy or Sell**
In summary, May has brought promising developments to the property markets in Newton and Haydock. With increasing new listings, improved pricing accuracy, and strong buyer demand, now is an excellent time for both buyers and sellers to engage in the market. If you're considering selling your home or looking to buy, reach out to our property experts at THINK Estate Agents. We're here to guide you through every step of the process, ensuring a smooth and successful transaction.
