Hot off the Press…Property Market Update🏡

Snapshot of the property market… This week I received an update from Rightmove on the property market, which has access to real-time data across...

Snapshot of the property market…

This week I received an update from Rightmove on the property market, which has access to real-time data across the UK as well as the North-East – so I thought I’d share their insights:

• In October the average price of property coming to the market continued to rise by 0.9%.
• There is little sign of downwards price pressure on existing properties for sale. The number of homes seeing a reduction in the month crept up by 2% to 23%,
• Rapid mortgage rises will cause some movers to pause their plans:
  • Buyer demand though is still 20% higher than the more normal market of 2019, with demand dropping by 21% compared to the same two weeks last year, though still 24% higher than 2019.
• The vast majority of sales are still going ahead:
  • Only 3.1% of sales agreed have fallen through in the two weeks since the mini-budget, which is in line with the 3% over the same two weeks in 2019.
  • Agents report that buyers are rushing to complete before their lower fixed rate mortgage offers expire.

As you can see the market overall in the UK appears to be holding up well, given the chaos caused by the government, it has been incredibly resilient. There’s been no immediate effect on prices, but the trend of a slight softening in the pace of growth continues. The market needs to settle into a new normal, with higher interest rates, but price reductions are not abnormally high.

What about the North-East?

On a county basis:

• Tyne & Wear – Monthly change +0.2% & Yearly +11.5%
• County Durham – Monthly change +0.0% & Yearly +8.0%

Major cities:

• Newcastle – Asking Price +9.3%, time to sell 29 days (down 9)

• Sunderland – Asking Price +9.3%, time to sell 37 days (up 1)

• Durham – – Asking Price +4.2%, time to sell 40 days (down 8)

Overall there’s a lot of uncertainty in the market, predominantly caused by the government. The market is holding up really well and although we’re seeing a softening we hope once the government starts to function again, we’ll see sentiment change with it.

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