Better-Than-Predicted Year, As Sellers Price More Competitively

Posted on: 17 November 2023

Better-than-predicted year, as sellers price more competitively

Rightmove has suggested; 

  • Average new seller asking prices drop by 1.7% (-£6,088) this month to £362,143, as Christmas approaches and sellers continue to adopt more pricing realism to attract a buyer
  • Though the transition from the frenzied pandemic market back towards more normal activity levels has been slow, key indicators point to a year that so far has been better than many predicted following the turbulent end to 2022:
    • Average asking prices are just 3% below May’s peak, but pricing right the first time remains key to securing a buyer
    • Sales agreed are now 10% below 2019’s more normal market level, improving from 15% below last month
    • The pandemic-driven stock shortage is over, with available properties for sale now just 1% behind 2019
  • However, some regions and market sectors continue to transition better than others to the need for more enticing pricing:
    • The number of sales being agreed for studio, one-, and two-bed properties is just 7% lower than 2019’s level, compared to four-bed detached houses and all five-bed plus properties, where agreed sales are 14% behind 2019
    • While there are yearly price declines in the Midlands and all Southern regions, by contrast Wales, Scotland and the North of England have seen rises in the price of newly-marketed properties
  • Two consecutive Base Rate holds has helped to keep buyer demand in line with 2019’s level. Now, many will be looking to the forthcoming Autumn Statement and hoping for more than a renewal of the mortgage guarantee scheme


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