The Newton and Haydock Property Roundup for 2023
Join us as we take a look at what happened in the property market in 2023!
🌟 **National Trends:**
In a merry twist of events, average new seller asking prices took a 1.9% sleigh ride downward. December typically sees prices drop, but this year's dip outpaces the 20-year average of 1.5%. Sellers are unleashing their competitive spirit!
📉 **Year in Review:**
Comparing to last year, the average asking prices slid 1.1%. However, the North West region shines, ending the year 1.5% higher, thanks to the powerhouse duo of Manchester and Liverpool.
🏠 **Local Insights:**
- Newton-Le-Willows experienced a 3% dip in sold prices over the past year but remains 11% higher than the 2020 peak.
- Meanwhile, Haydock's sold prices held steady and surged 18% from the 2020 peak.
🔍 **Mortgage Magic:**
The Base Rate held at 5.25%, but mortgage rates have been on a 20-week descent. The 5-year fixed rate has dropped from 6.11% in July to 5.11%. Experts predict a base rate peak and anticipate a decline in 2024.
🏡 **Market Resilience:**
Despite uncertainties, 2023 sales are only 13% lower than the active 2022 market. Stable conditions hint at family movers making a comeback, putting mini-Budget fallouts behind.
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📈 **National Recovery:**
Nationwide, property prices have been on a two-month rebound. A festive surprise in the real estate world!
🏠 **Development Buzz:**
Permitted development now allows house-splitting into two apartments—an intriguing prospect for landlords seeking new opportunities.
📊 **Local Markets:**
- Newton: 32 homes listed, 56% sold within four weeks, with a slight uptick in market activity.
- Haydock: 21 new listings, 19% sold within four weeks, maintaining stability despite a seasonal slowdown.