A strong indicator of how the outlook for housing is looking came in last week when Propertymark highlighted that 52% of their branches had most sales completed below the asking price in September. In March, that figure stood at 15%.
lighted that sellers need to take a step back and be more realistic around their pricing to get some serious ground on the sale of their homes if they are looking for immediate sales.
Dip In and Out
The number of house hunters registering on books peaked in January and April and noticeably dipped during the summer months. August and September have seen a surge once more in people wanting to buy, as well as hesitancy among new buyers given rising interest rates.
August and September also saw an increase in homeowners wanting to get their homes valued and sold, which presented a great wealth of news for buyers who had missed out previously. Now, with the economic climate changing, a new housing secretary taking the reigns and other factors about to come into play, many buyers have become realistic about the prices they might achieve.
Advising for the Outlook
Many would predict that the market will slow considerably in the run-up to December – which will add even more incentive for those looking at how to sell a house to strike a great deal for those looking to buy property in Stockport.
With so much uncertainty around the nation concerning housing and government, it could be a case of leaving things until the new year is jumping from a frying pan and into a fire. There is no telling how the inflation will play out in 2023, much less the state of mortgages and how everything plays into the future of affordable housing.
Where the Issues Lie
Whilst no one selling looks to sell under their asking price, it certainly seems to be moving part of the housing market along. Everyone is keeping a very close eye on the housing market as we are yet to see the full effects of the government’s rollback on the mini budget and economic shifts on house prices.
Affordability issues may have a knock-on effect on the number of buyers over the next coming months, but the good news is that housing is still very much in popular demand and will continue to be so.