Here is a very interesting Infographic, which shows the key property trends for September 2016. As you would expect this has a direct effect on residential conveyancing in England and Wales.
July and August are traditionally slow months as the country is in holiday mode, kids are off school and people minds are not on moving house.
The rightmove monthly information is interesting because they measure asking prices that are advertised on their website which is 90% of all homes being sold by estate agents in the UK.
The rightmove report overview shows:
- Price of property coming to market increases by 0.9% (+£2,623) this month to £309,122, just 0.4% (£1,349) below the all-time high reached in June
- Sales agreed in September have recovered from summer lull, now down just 4% on the post-election boosted same period in 2015, and up 6% on 2014
- Sellers’ market in the north of the country with sales agreed up on 2015 and available stock down
- Buyers still have upper hand in the south – sales agreed are recovering but down on 2015, and stock is up
You can read the full report here
In the holiday months there are less active buyers and this factor does affect the new sellers view of the market. It is a fact that more realistic selling price do spur buyers to act.
The average price in the East Midlands went up in October from £198,493 from £197,502 a monthly change of 0.5%. The comparable price in October 2015 was £188,243 showing an annual change of 5.4%
Lenders are looking for more information in their mortgage applications. They are reviewing outgoings and spending habit in greater detail, and this has an impact.
This restriction on personal finances does have a ripple effect because most sellers are also looking to buy another property. When they are looking for a new mortgage this does help to moderate and reduce their expectations on their own sale price.
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