The pre-pandemic frenzy is unquestionably showing signs of slowing, however, this is yet to have any significant effect on asking prices. New stock is still experiencing high levels of interest, all 5 branches are reporting scenarios whereby new stock is experiencing multiple offers and sealed bid situations. Rightmove recorded their 5th consecutive asking price record in May, albeit a modest 0.3%, and Land Registry data shows a year on year increase of 11.7% in the South East.
The extraordinary buyer demand is also showing signs of lessening; increased living costs, the typical holiday distractions and affordability constraints all contributing to a reduction in viewings and new buyers registering.
Conveyancing constrictions have impacted on the market, the time it takes to get through conveyancing now stands at an average of 150 days. This means that if a would-be seller wanted to complete on their sale before Christmas, they would need to be putting their house on the market within the next few weeks.
The first half of the year started exceptionally well. With affordability limitations creeping in, further predicted interest rate rises and the increased cost of living we anticipate that the remainder of the year will start to see some price correction. This being said in our area asking prices will remain buoyant, given the general lack of stock, and 2022 will conclude with a positive year on year increase.
If you need some help or advice on your next move, we would be delighted to assist. Contact your local branch today.
Summer sellers tempt buyers preoccupied by holidays”08 September 2023 Read article
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Established in 1817 White & Sons are award winning independent estate agent with offices in Dorking, Reigate, Horley, Oxted & Leatherhead. We are a forward thinking business which uses cutting edge technology backed by 200 years of experience to assist with all your property related matters.