Better than expected market surprises many as buyers return
According to Rightmove.....
- Average new seller asking prices remain flat this month, rising by just £14 (+0.0%), the smallest ever increase from January to February and a sign that more sellers are heeding their agents’ advice to price right first time
- Increasing numbers of buyers are returning, with the market starting 2023 much better than many expected:
- The latest snapshot of buyer demand shows the number of people contacting agents is up by 11% in the last two weeks compared with the same period in 2019’s more normal market
- The number of sales agreed continues to rebound, and is now just 11% down on 2019’s levels, recovering from 15% down at the start of the year, and 30% down in the aftermath of the mini-budget
- Average rates for a 15% deposit five-year fixed mortgage are now 4.82%, down from October’s 5.90%
- While there is still an overall shortage of property for sale, down by 24% compared to 2019, there is more choice for buyers than a year ago, giving prospective buyers confidence for their onward move
- The latest sales agreed figures show that surprisingly it is the first-time buyer sector that is recovering better than the discretionary upper-end sector
