AUGUST 2023 - DA11 & DA12 - Property Market Update.
What has happened in the DA11 and DA12 postcodes in August 2023? The stats are in ... What has sold and what has come to market?
Historically August is always a quieter month, as people go on their holidays and enjoy the sun, and this year was no exception in the DA11 & DA12 postcodes, with less properties being sold when compared to July as well as 2019.
We compare our figures to 2019 numbers as the last three years have been turbulent, with Covid, a ‘frenzied’ stamp duty free period and political uncertainty.
THE STATS
DA11 & DA12 for AUGUST 2023
Year to date for DA11 & DA12
Whilst there has been a large reduction across the board in new listings & sold properties in August when we look at the year to date the reduction is a lot lower.
When we compare last month (July) to this month the number of new properties and sold properties has reduced, as a result the number of properties available has increased since last month.
When looking at ‘Detailed views’ on Rightmove (the number of times the full details of a property have been looked at by the public) this has only reduced by 6% when compared to 2019, and has increased since last month indicating there is still a strong ‘interest’ in the market. This should be people information gathering and researching the market to get ready to move in September!
Looking at the year to date, the reduction in the percentage of properties coming to market that are then sold remains the same as last month indicating if you do want to move it’s the right time! Properties are selling despite the lower stock. 66% of stock listed is sold this year to date.
What have M&M seen?
Unpredictably we have personally seen a large increase in listed properties coming to market for August, and whilst we are booking less viewings for each property the appointments we are having are with serious buyers, making offers, and agreeing sales which is fantastic to see. We are seeing this trend continue into early September.
The 3rd August saw the base rate once again increase by 0.25%, making it 5.25%.
Whilst interest rate rises impact mortgage rates, it’s been very positive to see that lenders are not increasing their rates, indeed some are reducing them (one lender reducing rates by up to 0.95%), which can only have a positive impact for buyers and sellers. Falling mortgage rates are likely to result in greater activity in the market, which could lead to house prices increasing!
As always, it is important to remember that market conditions are observed nationwide. This means that while you may need to consider accepting an offer lower than your initial expectations if you are selling your home, you can leverage that offer to negotiate a relevant deal for your onward purchase.
Should you be interested in more specific property information in your road, or think you may benefit from some mortgage advice please do not hesitate to contact the office. We are here and ready to help.