🏡 May 2024 - House Price Index: Take Action Now To Ensure A Move BEFORE Christmas🎄
In this blog post, we're going to break down the top need-to-know information gleaned from the latest data provided by Rightmove. 📊 From trends and fluctuations to insights that could potentially impact your property journey, we've got you covered.
Here are our top 10 key facts for homeowners from the article:
1. Record Property Prices🏡💷: The average price of property coming to the market has reached a new record of £375,131, increasing by 0.8% (£2,807) this month due to the Spring selling season.
2. Annual Price Increase 📈: Despite recent growth, the average asking prices are only 0.6% higher than a year ago, highlighting the market's price sensitivity.
3. Top-of-the-Ladder Sector Leads Growth🏠⬆️: The most significant price growth is in the top-of-the-ladder sector (large homes), with average prices up by 1.3% compared to last year.
4. Increased Sales Activity 🔥: Sales agreements in the first four months of the year are 17% higher than the same period last year, driven by pent-up demand and increased home-mover activity.
5. Slow Completion Process 🕒: The average time between agreeing on a sale and legal completion is 154 days, making the total time from listing to completion over 7 months on average.
6. Need for Early Action🎄: Would-be sellers aiming to move by Christmas need to list their properties now, considering the lengthy time required to complete a sale.
7. Price Sensitivity 💸: Properties that need an asking price reduction take over three times longer to find a buyer compared to those priced correctly from the start.
8. Regional Price Growth 🌍: The North East of Great Britain, with the cheapest average prices, has seen the strongest price growth regionally.
9. Market Stability 🏦: Despite high mortgage rates, the market remains stable, with the Spring selling season providing upward price pressure, contrary to predictions of sharp price declines.
10. Impact of Accurate Pricing🎯: Working with an estate agent to price competitively from the outset significantly reduces the time to find a buyer, averaging 32 days compared to 112 days for properties that need a price reduction.
Don't navigate the market alone!
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