Wed, 01 Feb 2023 | Market update
January 2023 was always going to be a month where Estate Agents held their breaths in anticipation of what the property market would bring following an interesting time for the economy and a rise in the cost of living.
Providing an opinion on how the market will be this year is dependent on a lot of factors. For January, we can examine properties that have been listed in the local area, the number ‘under offer’ and how many price reductions have taken place. This highlighted the impact of agents listing at higher prices in Q4 2022 and sellers realigning prices in the new year to take advantage of a flurry of fresh buyers.
Most estate agents will aim to have a ‘sale agreed’ on 70% of their total property listings in any one month. In the first month of 2023, we saw this figure at 72.2% with a total of 684 properties listed on the market for sale and 494 properties being changed to ‘sold subject to contract’ across the home counties. Price reductions played a huge role in the above-average sales agreed last month, with some agents listing more price reductions than new properties to the market.
From the homes we listed for sale last month, many of our customers will be upsizing. They are taking the approach that whilst mortgage rates are currently higher, due to the decrease in property prices across the board, upsizing would cost less than it would for the same house a year ago. So if you can, now would be a wise time to upsize.
We also have sellers who aren’t as optimistic about the property market outlook for 2023. A number of these sellers are opting to sell their property now in the current market, move into rented and then revisit purchasing a property after the general election in 2024.
With high amounts of sales agreed and even more amazing properties coming to the market, we have started with high hopes for 2023. If you are looking to sell or let, we would love to help you in your property journey. Why not arrange a no-obligation property valuation and we can answer any questions you may have.
Call now on 0118 955 9744 or book your valuation using the button below.