Seasonal trends in the housing market have been a little unusual this year, where the typically quieter months of July and August have seen plenty of activity from buyers looking at a multitude of price points. However, stock levels continue to remain relatively low but the properties that have been coming onto the market have seen strong demand, thereby creating competition with multiple viewings and offers.
The market priced between £400,000 – £600,000 continues to be highly competitive, with suburban properties in particular attracting multiple buyers, where Best & Final scenarios are still a common outcome. Properties priced between £700,000 – £1 Million have seen a robust amount of activity over the last few months, with solid buyer interest and well presented homes moving at a healthy pace. Whilst a more selective market, homes above £1 Million are still receiving good demand, particularly for those that offer space, lifestyle benefits and are in good locations.
We are also seeing excellent levels of interest from First Time Buyers on properties at the more affordable price point in the market, such as homes in Fawdon and Kenton where we have had properties that have received multiple offers and an extensive amount of viewings, before finally selling well over their asking prices.
There is some uncertainty on the horizon with the upcoming Autumn Budget due at the end of November, with whispers surrounding a shake up to Stamp Duty (SDLT), and as a result a handful of clients are choosing to hold off until there is clarity on this. However, this hasn’t dampened overall demand at most of our price points and we continue to see motivated buyers actively looking to move, so September and October is a great time to sell for the pre-Christmas rush.
I’d be delighted to speak with previous, existing or future clients about their property needs – whether you’re considering selling, buying, or simply needing advice on maximising the value of your home.
Harry Young
Regional Valuer