![]() ![]() The number of available properties to buy is around 10% lower than in 2019, with properties taking on average 55 days to secure a buyer, up from 33 days a year ago. The number of first-time buyers enquiring about properties for sale is at 1% above 2019 levels.Īgents say this is being fuelled by record high rents, up 33% since 2019, and the lack of available rental property. But the first-time buyer market is showing resilience, being down by 10%. Rightmove data shows the number of agreed sales is 15% lower than in 2019, when market conditions were more ‘normal’ before the Covid pandemic. Typical asking prices are still 19% higher than they were in August 2019. Higher interest rates have pushed up the cost of borrowing which is deterring buyers from the housing market.Īlthough average asking prices have been falling since May, many sellers are cushioned due to significant house price inflation in recent years. The average asking price of homes new to the market is now £364,895, a fall of £7,012 since last month, and the third consecutive monthly drop in average prices.Īgents blame high inflation and the highest Bank of England Bank Rate since 2008, at 5.25%, for the slow down. It is the largest monthly fall in prices since August 2018 and outpaces the usual summer slowdown, which has seen an average drop of 0.9% in August in recent years. The average asking price of properties coming on to the market dropped by 1.9% in August, according to property portal Rightmove, writes Jo Thornhill.
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