Throughout August we have begun to see the discussions of a return to normality within the property market come into play, with the average property price coming to the market falling by 1.3%. It is important to note however that after years of consecutive monthly climbs in property prices that a 1.3% drop does not reflect or indicate an incoming crash within the market at all, and in fact suggests a much more positive market for both buyers and sellers coming out the other side of a two year frenzied market. Another factor to consider, according to the director of Rightmove, is the role the summer holidays played in quieting the market which is often expected even during a pre-pandemic market.
We have seen some very busy months within the market, with increasing stock levels easing towards a sensible balance between supply and demand. External factors including increasing living costs, as well as rising inflation rates have also had an inevitable impact on people’s affordability, although property portal Zoopla have reported on the continued interest in buying property, saying “Our data shows there are enough people who want to keep moving to support normal levels of activity in the market”.
So, what does this mean for both buyers and sellers? As a buyer, increasing stock levels provides a promising sign when searching for a property, meaning the pressure from what has felt like a battle between buyers that has felt near impossible to navigate, is beginning to ease. Though some have questioned whether the property market can possibly continue at the pace it has been moving and even expected a potential crash in prices, there is minimal indication of this happening. Although the immediate reaction to this may be off putting for prospective purchasers who are less inclined to pay often significantly higher than pre pandemic levels, there is excellent suggestion that prices will remain strong for the foreseeable future, which in turn should allow you to reap the benefits come your next move.
As a seller, increasing stock and a slow in house price growth need not be taken as a suggestion that your house has suddenly taken a huge hit to its value. Considering there has been years of growth and this year alone is expected to see an overall growth of 5%, you can be sure that having sensible conversations regarding the approach to marketing with your agent will see you achieve incredible values with increasing options for your onward move.
If you are considering a move, contact us today to see how Forest Marble can help you.