Buyers
19/03/2024
Pricing right first time remains the most important message in this month’s Rightmove House Price Index, as the average asking prices change across the region. Our managing director James Watts has reviewed the recent data, to let you know what to expect in the local market.
Looking at the stats from Rightmove, properties that have needed a price reduction are more than 10% less likely to find a buyer than homes which were correctly marketed from the get go.
This is why it is so important as a buyer to use an agent you trust with good knowledge of the area to make sure you attract motivated buyers.
Good news for homeowners ready to sell.
Buyer demand has stayed strong this month, with a 3% increase compared with the same month in 2019. Combined with the number of available properties being reduced by 12%, if you are interested in selling then now is a fantastic time for you to achieve a good price for your property.
Changes to affordability.
As the Bank of England interest rates rose again to 5% in June, it is important to consider how much you can now afford to borrow. If you have had a mortgage agreed in principle, then be sure to check its expiry date and if it has expired, re-check your eligibility before continuing your home search to avoid disappointment further down the line. Rightmove’s Mortgage Tracker is showing that the average rate for an 85% Loan-to-Value mortgage on a five-year fixed term is now 5.69%, however this has decreased slightly since October’s mini budget.
Whether you are thinking about selling your property, or you are searching for your next home, get in touch with your local Robert Watts team and let us help you make the next step on your property journey.
You can find all of our branch information here.
Buyers
Buyers
