Published 2nd August, 2018
Housing demand is as high as ever as Rightmove traffic hits record levels, with consumers visiting the site 20% more than this time last year. This, along with a 5% increase in new properties coming to the market, now is still a good time to buy and sell!
Following on from last year’s whopping 14.7% rise in property prices in the area it is only natural to see growth slow slightly to 5.1%. This makes the average selling price £233,326 compared to last year’s £210,399. Although prices are still at a high, the market is price sensitive. Rightmove data suggests a property is more likely to sell if a price reduction is done within the first 40 days of the property coming to the market.
Rightmove also reports that 120,000 properties were secured by first time buyers using a Help to Buy loan. Scrivins & Co are working closely with local developers to promote and utilise this scheme to sell new build properties. First time buyers have made use of the 5% deposit options available.
Lois, one of our Sales Negotiators commented on the results she has seen in the office this year:-
“2018 started out strongly with Scrivins & Co selling a record 52 properties in the months of both January and April. Strong sales have continued throughout the year. The high level of demand has followed through from 2017, particularly with first time buyers and second stepper homes.”
The NAEA recently reported that in the past year first time buyer sales are up by 5%. Going forward, I think the property market will remain buoyant with prices levelling out a little.”