Alexander Hudson Estates keep a close eye on the property market which has started to return to pre-pandemic levels with the average increase of asking prices rising by just 0.2% this month which is 1.2% lower than the average increase of this time last year. This pricing restraint is a reflection that new sellers are witnessing a slower pace and return of more “normal” activity levels, last seen in 2019 before the pandemic spiral.
“Agents are reporting that many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt Spring buyers with a competitive price. The current unexpectedly stable conditions may tempt more sellers to enter the market who had been considering a move in the last few years but had been put off by its frenetic pace. Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available. However, those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019.“ ~ Source: Tim Bannister Rightmove’s Director of Property Science.
However, despite the economic headwinds, first-time-buyer type properties are hitting a new record price of £224,963 this month with the sales agreed numbers have also exceeded that of last September which saw them plunge by 21% following the mini-budget announcements. Average mortgage rates have been falling for first-time buyers over the last few weeks, with competition between lenders at its strongest towards the traditional loan-to-value ranges of 85% to 90%. This is therefore an excellent time for first-time buyers to take the leap onto the property ladder and take full advantage of the competitive rates on offer.