Updates to the housing market that you should know about.
September 29th, 2022
and some reassuring statistics to put your mind at ease
With the current financial climate on the cusp of change, the discussion around stamp duty and mortgage deals have come to dominate our headlines and worries.
So, we wanted to share some reassuring statistics to put your mind at ease.
- Healthy number of sales agreed: Despite the recent news, the number of sales agreed on Tuesday 27th September were at a high for one day since early August.
- Little to no impact on demand: So far there has been very little change to demand form buyers on Monday and Tuesday. The demand dropped by 3% compared to other Monday and Tuesday figures this month.
- No change to fall throughs: The amount of fall throughs that we have seen this week is consistent to what we have seen over the past month.
- No change to the rate of price reductions: I’m sure you’ve heard rumour of rapid price reductions but as of this date this is yet to be seen. The reduction rate is steady as 1.6% of properties were reduced, which is in line with the rest of the month.
- Mortgage products withdrawn, but this is not your only option: We have heard from very few mortgage companies that they are withdrawing their mortgage products; however, this is only a small portion of products widely available. In fact, there are currently over 2,600 mortgage products on the market at this time.
Look long term.
It is important to look further than the short-term impact of the financial situation. Here is what you should consider:
- Demand has increased versus the pre-pandemic average. Last month demand was 20% higher than that of the pre-pandemic five-year average.
- Supply is steadily improving as the number of new sellers increases. This is a total of 8% more sellers than 2019.
- We are almost at a record high of asking prices, which are currently 15% higher that they were two years ago and just a few thousand shy of a price record.
- Second stepper asking prices remain at a record level. These 3 beds and 4 beds, excluding 4 bed detached homes are at a record national asking price of £340,513.
Final Thoughts
In financial situations such as this one, we must look long term at the housing market. Currently there is little to no change in the statistics that should worry you when selling or potentially buying your home. When we take a wider look at the market it is overwhelmingly positive.
