First fall in House prices this year
August tends to be a quiet month for estate agents, possibly due to the school holidays so house hunting and selling is put on hold.
Although, we have seen that rather welcomed fall in house prices this year for buyers, it currently stands at 1.3% for August which Rightmove.com explains is its typical usual drop that has been recorded for the last 10 years.
What do the numbers look like?
Interestingly this year, the amount of buyer enquiries are “down 4% on the hot market of 2021” whereas “New listings are up by 12% on the same period last year” (Rightmove.com)
Despite these figures heading in the right direction, compared to 2019, “buyers remain 20% higher than 2019” and new listings are “still 6% down on 2019
Although, August can also be when the most eager sellers market their property, pricing it to match their need for a quick sale as they aim to beat the average time for that important completed sale and right before Christmas. Nobody wants to be in limbo around Christmas when it comes to house moves.
What is the update on Mortgage rates?
With prices beginning to fall for this month, imbalance between buyers and sellers is still very much impacting house prices, although it will prevent the decline in larger price drops.
We will still see the usual seasonal changes in stock availability, active buyers and prices, although Rightmove.com estimated “we’ll end the year around a 7% annual growth, even with the wider economic uncertainty”
Also, Mortgage rates are increasing this time by 0.5%-1.75% which means first time buyers especially are having to re think their move as the average monthly mortgage repayments top £1000 based on a 10% deposit, according to Rightmove.com. Rightmove also found that the “first-time buyer sector is 32% higher than at this time in 2019”
We are here for you
Merryweathers understand situations can be difficult for some at the moment, so if you are unsure when the best time to move is for you then contact us today. We can also put you in touch with our in house Mortgage Adviser, we can help you from start to finish.
Call us today on 01709 311190