The stats are in ... What happened in the Gravesham Property Market in November 2023?
Despite reduced stock levels (total number & new listings) the number of sold properties has increased ... Read our full report for other helpful insights on the property market in DA11 and DA12.
The Stats:
As we always do, let's compare this month's figures to those of 2019, a year considered the last 'normal' year before the turbulence of the past three years, marked by events such as the COVID-19 pandemic, a period of stamp duty exemptions, and political uncertainties.
The Headlines:
Despite reduced stock levels (total number & new listings) the number of sold properties has increased when compared to 2019, and 95% of stock bought to market this month has SOLD. This is a significant increase from the 75% we saw in 2019 and 86% we saw last month.
When we consider the past 12 months, the cost of living rising and interest rates having climbed significantly, buyers have become increasingly price-sensitive. Setting the right price from the outset is crucial. Homes that are realistically priced are still attracting multiple prospective buyers, and sellers are receiving stronger offers once the property is perceived as good value.
What M&M Has Experienced:
At M&M, we've personally witnessed a substantial increase in sold properties for this November when compared to 2019. Although the number of viewings per property has decreased, the appointments we're receiving involve serious buyers making offers and closing sales, which is an encouraging sign.
The numbers support our thoughts on ‘serious buyers’ as despite Rightmove activity for all of DA11 and DA12 being down for property views (when compared to both 2019 and last month) the Sold properties have still increased.
Money & Mortgages:
Positively, since our last market report in October, the Bank of England has once again maintained interest rates, holding at 5.25% and inflation has fallen to 4.7%. Which whilst higher than the Bank of England's 2% target, the gradual decline in the inflation rate has given lenders the confidence to reduce mortgage rates from their recent peak. Lenders have made further residential rate cuts in the last week, which sees the market leading five-year fixed-rate deal reduced by 39 basis points to 4.39%.
As we always say, it's crucial to remember that these market conditions are observed nationwide. This means that if you're selling your home, you may need to consider accepting an offer lower than your initial expectations, but this can be leveraged to negotiate a favourable deal for your next purchase.
If you require more specific property information in your area or could benefit from mortgage advice, please don't hesitate to reach out to our office. We're here and ready to assist you.
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