June 2023 Market Update
The Numbers are in ... What happened in the Gravesend housing market in June? đ How many properties sold compared with what came to market and what is that telling us?
June 2023 has seen less properties come to market and less sold properties when compared to June 2019 in DA11 and DA12.
We compare our figures to 2019 numbers as the last three years have been turbulent, with Covid, a âfrenziedâ stamp duty free period and political uncertainty.
THE STATS
Whilst there has been a reduction in the available stock in the DA11 and DA12 area when comparing to June 2019 it is positive to see 67% of stock listed is sold.
What does the above tell us?
The figures indicate that what is being listed is being sold which is great. It is also really interesting to see that whilst detailed views on Rightmove (the number of clicks on properties to see the full details) has decreased by 12% the number of sales has only reduced by 7% illustrating those out there looking are serious buyers.
In June the interest rates once again increased, making the base rate 5%. This marks a 13th consecutive rise since rates were first increased in December 2021 and puts the base rate at a 15-year high.
An interest rate rise impacts mortgage rates, meaning it costs more to borrow money, which we expect to have an impact on transactional volumes and prices. We are yet to see homeowners who have been forced to sell, however if rates continue to rise, some may be forced to review the situation and weigh up their options. We expect the market to start showing signs of forced moves in the next 12 months as existing mortgage products start ending.
It is important to remember that this 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.