The stats are in ... What happened in the Gravesham Property Market in September 2023?
Historically September is busier than August as people return from their holidays and get back to ‘normality’. This year is no different with more properties coming to market and being sold in September when compared to August for DA11 and DA12. But what do the numbers tell us about the market?
Historically September is busier than August as people return from their holidays and get back to ‘normality’. This year is no different with more properties coming to market and being sold in September when compared to August for DA11 and DA12. But what do the numbers tell us about the market?
THE STATS
Below, as always, we have compared this month’s figures to 2019. We do this because the industry regards 2019 as the last ‘normal’ year as the last three years have been turbulent, with Covid, a stamp duty free period and political uncertainty.
Whilst there has been an 11% increase in the number of properties coming to market when compared to the same period in 2019, there has been a decrease of 13% in sold properties.
The percentage of properties coming to market that have then sold in September of this year is 55%, which whilst higher than August of this year (as expected) its still considerably lower than the 71% seen in 2019.
This is also supported in the numbers for this month, with only a 7% reduction in the total number of properties available when compared to a 16% reduction last month when compared to 2019 – it stands to reason if more is coming on and less is selling then the total number of properties available will increase giving buyers more to choose from. A buyers’ market is here!
With a higher cost of living and higher interest rates, buyers are becoming more price sensitive and the importance of pricing right the first time is paramount. Realistically priced homes are still seeing multiple prospective buyers.
What have M&M seen?
We have personally seen a large increase in new properties coming to market and sold properties for September compared to 2019 (nearly triple), 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.
Money & Mortgages
Since our last market report in August the Bank of England has held interest rates for the first time in nearly 2 years, holding it at 5.25%. Whilst this is the highest level since the 2008 financial crisis it is nowhere near the 17% seen in 1979 (although inflation was at 25% in the 70’s!).
James King, Managing Director of Mortgage Broker MAB Kent, has confirmed that 5% rates by The Mortgage Works have also adopted by major lenders like Santander and HSBC. Which will be instrumental in restoring confidence across the housing sector.
As always, 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 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.
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