If there is something consistent with the current uk housing market, it is that it is continuing to be inconsistent with the outlooks that many people have. The property market at this very moment is starting to get hit by certain price cuts and slower sales times.
There is positive news from the research, however, with new supply shown to be up 7% on the five-year average. However, the total stock remains down 37%.
Demand is also 61% above the five-year average, which intensifies the balance lacking when it comes to supply. This has helped average sold values in reaching a new high on the house price index by being up 8.4% annually, but down 9% in March.
The warning comes that the rate of growth will slow further and potentially hit 3% by December. The price cuts signal an increase in buyer resistance to higher prices and an indication that price growth may hit a natural ceiling – even within the high levels of demand.
High levels of buyer demand for those looking to buy property in Stockport means that the market continues to move quickly, but the time to sell – between listing a property and agreeing on the sale – is starting to rise across the majority of property types.
This measure may continue to rise during the remainder of 2022 as buyer demand levels will start to slightly fall, punctured by changing sentiment related to the current costs associated with living and personal financing scenarios across the nation.
The current uk housing market is buoyant enough that should a property come to market competitively priced, a multi-bid scenario is likely to unfold with final offers going over the guide price. Despite mortgage rate hikes, they remain cheaper than those of 2015 and demand remains stoic for accurately priced family homes.
For more information on how to sell a house or want to buy property in Stockport, contact the team at Joules Estate Agents Stockport.