Optimism, pessimism, or realism – what is the property market story? - Blog

Optimism, pessimism, or realism – what is the property market story?

Optimism, pessimism, or realism – what is the property market story?

Residential George F. White 14th November 2023

Average seller asking prices rose by the smallest percentage since 2008 on a national level in October, by only 0.5%. Sales are down 17% on this time last year, and I must admit, it is starting to feel that the festive slow down has happened upon us three or four weeks early. After riding high on a post covid market for so long, its easy to forget, the 10 years of ‘normal’ market conditions which we experienced before the pandemic. 

But is it all doom and gloom?

Despite what the above indicates, which all point to market slowdown, the latest data shows that the year so far has been better than many predicted, particularly after unstable conditions towards the end of 2022. Rightmove’s’ Tim Bannister said: “We’d expect to see a drop in new seller asking prices in the last couple of months of the year, as serious sellers start to separate themselves from discretionary sellers and cut through the Christmas noise with an attractive price to secure a buyer”. 

In the North East of England, house prices are still up year on year by 0.7%, and the asking price change, given the sum, is therefore negligible. More good news is that prices are only 3% below May’s peak, while sales agreed may be 10% below 2019’s more normal market level that is an improvement from 15% below in September. Plus, the pandemic-driven stock shortage is over, with available properties for sale now just 1% behind 2019. This however has led from a sellers market, to become more of a buyers market.

With this in mind, it’s even more important to choose the right agent. An agent who will talk to you about a realistic pricing and marketing strategy appropriate for the current market, an approach which will allow you to achieve your goals and move, rather than sit on the market and be another price reduction statistic. Also importantly, accurately priced properties succeed in finding a buyer in less than half the time that it takes those that need a reduction, and when they do find a buyer the sale is also 50% less likely to fall through – two hard hitting points that buyers absolutely need to absorb rather than being dazzled by high valuations, ridiculously cheap fees or ineffective marketing bells and whistles.

At George F. White we have been making home moves happen for over 40 years, our teams are brimming with local people, who have a wealth of expertise in the property market, we can guide you from the moment of valuation to the completion of your sale and do so with an honest and straight-talking approach. Wherever you call home, we have the team to take care of you.

                                

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