A new report has found that the south London property market is stagnant, with stock levels surging by 15% since the start of the year.
What? A slow down? But London prices only go UP!
Well here it is: the research, conducted by the House Buyer Bureau, found that there are now over 720,000 homes listed for sale in England, marking a 9% increase on the same time last year.
Rutland is the county with the most oversaturated property market, with a 26% increase in for sale stock levels compared with the start of the year. Herefordshire, Wiltshire, Dorset, and Somerset are also seeing significant increases in stock levels.
On an annual basis, the Isle of Wight has seen the largest increase in for sale stock, up 27%. Shropshire has seen stock levels increase by 25% year on year, with Lincolnshire, Herefordshire, Cornwall, Devon, Staffordshire, Worcestershire, North Yorkshire, and Nottinghamshire also ranking within the top 10. The only city bucking the trend is Bristol, where available for sale stock has fallen by 9% since the start of this year and sits some 21% below the second quarter of 2022.
What does that mean for London?
As an experienced estate agent in south London, I can tell you that this is a clear sign that the market is slowing down. Buyers are becoming more cautious, and sellers are having to lower their asking prices in order to attract offers. Does this translate to south London? Yes it does to some extent, because nationwide sentiment does have an effect on the market locally. London behaves same, same, but different. Pricing is key.
Is It Time to Sell?
If you're thinking of selling your home in south London, now may be a good time to do so. With more homes on the market than ever before, you're more likely to get a good price for your property.
Of course, there are some factors to consider before making a decision. The cost of living is rising, and interest rates are expected to increase in the coming months. This could make it more expensive to borrow money to buy a new home.
Ultimately, the decision of whether or not to sell your home is a personal one. However, if you're considering it, now may be the time to act.
If you're thinking of selling your home in south London, it's important to get professional advice from an estate agent who can help you price your property realistically and market it effectively and above all PRICE IT RIGHT! A new report from Zoopla has found that sellers are accepting bigger discounts on their asking prices in order to achieve a sale.
The report found that 42% of sellers have accepted discounts of 5% or more, while another 15% have accepted discounts of over 10%. This is the highest level of discounts since 2018.
The report also found that the average discount to asking price has increased to 3.8%. This is up from 3.4% in the previous quarter.
The increase in discounts is being driven by a number of factors, including rising mortgage rates and a slowdown in demand. Mortgage rates have been rising steadily in recent months, making it more expensive for buyers to borrow money. This has reduced the amount of money that buyers have available to spend on a home, and has led to more sellers being forced to lower their asking prices.
The slowdown in demand is also contributing to the increase in discounts. The number of buyers in the market has fallen by 14% in the past year. This is due to a number of factors, including the cost of living crisis and the uncertainty surrounding the UK economy.
The increase in discounts is good news for buyers, but it is bad news for sellers. Sellers who are hoping to get a high price for their home may need to be prepared to wait longer for a buyer, or to accept a lower offer.
However, the report also found that those buyers who are still in the market are committed to moving home. Sales agreed are running 8% above the five-year average, suggesting that there is still demand for homes, even in a slowing market.
Overall, the report suggests that the UK housing market is in a state of flux. Rising mortgage rates and a slowdown in demand are putting downward pressure on prices, but there is still demand for homes from those who are able and willing to buy.
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