Analysing the September Property Market: Insights and Predictions for October
In our recent video, we delve into the intriguing dynamics of the property market during September and offer valuable insights into what to anticipate as we move into October. The blog post below summarises the key points covered in the video.
Market Activity and Trends
New property listings in September came in strong, matching figures from the previous year and surpassing our expectations from 2018 and 2019. This surge in listings signals a healthy and active market.
The number of sales and deals agreed upon in September closely aligns with our typical expectations for this time of year. The same goes for the number of viewings and buyer registrations, which are consistent with the conditions in 2018 and 2019. It paints a picture of a stable and balanced market.
However, we can't ignore one anomaly—the volume of price reductions happening in the market. It seems that some sellers initially set their property prices too high, forcing them to make adjustments to match market conditions. These price reductions can be an opportunity for astute buyers.
House Prices Analysis
Several indices indicate a common theme—a downward trend in prices. The Land Registry is the most reliable, but its data only extends up to the end of June. The real estate market may have evolved since then.
From our numbers we can say that the market has experienced a noticeable shift since the "mini budget," resulting in a decrease of about 6 to 8%.
Predictions for the Future
While minor price adjustments may occur, there's no indication of a major market crash. The market continues to exhibit stability in terms of supply, demand, and sales agreements.
Looking ahead, making precise predictions is challenging. However, as long as interest rates stabilize and inflation remains under control, the market is likely to maintain its current pattern.
