Housing Market Update 🏠📣

During this uncertain time we wanted to share some information provided from Tim Bannister, Director of Property Science at Rightmove.

• The number of sales agreed on Tuesday was the highest number in one day since the beginning of August.
• On Monday and Tuesday September buyer demand from leads sent to agents and developers was only down by 3% compared with other Monday and Tuesdays this month.
• Over the past few days, the fall throughs have been in line with what has been seem for all of September.
• On Monday and Tuesday 1.6% of all properties were reduced. This being the same level of reductions that Rightmove saw on other Mondays and Tuesday this month.
• According to Moneyfacts there is still currently over 2,600 mortgage products available on the Market.

A Longer term look at the property market

• Buyer demand over the last month was 20% higher than pre-pandemic five-year average.
• New sellers have been signing up, and are now 8% higher than the levels in 2019.
• Asking prices for properties are 15%higher than they were two years ago, and they are just a few thousand pounds shy of a price record.
• Second stepper properties (3/4beds excluding 4 bed detached houses) remain at a record national high asking price of £340,513.