DA11 and DA12 Market update for May 2023
The stats are in! What has come to market and sold in May 2023 and what does this tell us about the local property market.
May 2023 has seen an increase in the number of properties coming to market and the number of sold properties when compared to May 2019 in DA11 and DA12. The numbers also show that 77% of stock listed was sold.
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 MAY 2023
Year to date for DA11 & DA12
For another consecutive month there has been a reduction in the available stock in the DA11 and DA12 area. When comparing to May 2019 it is positive to see an increase in the number of new properties coming to market and an increase in sold properties.
When we look at the percentage of stock sold when compared to the numbers that have been listed in May its great to see nearly 80% of stock listed is sold (this was 70% in May 2019).
What does the above tell us?
The figures indicate that what is being listed is being sold which is great. If you list at the right price there are buyers out there and you can move.
There is a larger reduction of sold than new to market so less is selling than is listed looking at the year to date when compared to 2019 HOWEVER with nearly 80% of stock being listed for May being sold and 70% year to date, it is clear that if you want to sell you can do … if you are at the right price!
We are personally seeing that properties are taking longer to sell and we are really ‘working’ our buyers to encourage viewings and interest. Sellers only get one opportunity to ‘go to market’ as a ‘New Listing’ so they must make sure they commence marketing at the right price to get the most out of their ‘launch’. Unique, targeted marketing is now imperative.
With the continuous increase in interest rates, currently at a Bank of England base rate of 4.5%, borrowing costs are escalating. Consequently, sellers must approach pricing realistically and be open to accepting offers to make progress. Your agent should promptly consider and skilfully negotiate any offer presented by potential buyers, aiming to secure the best possible deal for you. Otherwise, with a greater number of properties available in the market, these buyers may easily explore other alternatives.
It is important to remember that this current market condition is observed nationwide. This means that while you may need to consider accepting an offer lower than your initial expectations, 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 please do not hesitate to contact the office. We are here and ready to help.