Welcome to the October 2017 edition of our Property Market Update.
In last months update, we spoke about what we thought would happen at the start of September, which is traditionally the start of the second busiest period of the year.
It’s been ok, new listings have been broadly the same as the same period last year, interestingly though, the number of sales which came through the resale market, were slightly down. (About 10% according to Rightmove) We can see that pattern across the whole of the market – so what’s going on…
We have this from time to time, as the market has risen, we tend to hit a ceiling in prices. It’s not always a bad thing, as it allows the market to catch up with itself, and allows more First Time Buyers to get onto the ladder.
And interestingly, this is a trend which was also observed by the asking price index, from Rightmove. They said that prices fell nationally by 1.3%. What’s interesting about that is that it’s the first monthly fall at this time of year since 2013. It suggests that there is a slight change in the tone of the market. As we say, this is not always a bad thing.
There’s some great news coming from the New Build sector, with the government announcing last week that there will be an extension on the Help to Buy scheme on New build properties until 2021. That’s going to keep the new homes market striving on. We’ve seen evidence of this across Manning Stainton at Weavers Beck and Green Lane Mills, which is a fantastic development by Camstead Homes in Yeadon. They sold within a couple of weeks, with buyers waiting to get on the second phase.
Personally, I don’t see any significant change happening in prices, I think there’s too much demand in the market as buyers keep registering their interest with us.