Mon 18 Nov 2019

written by naomi baron

Propery Market Trends in October 2019

It seems as though we have been talking about the UK property market trends in conjunction with Brexit for a very, very long time now.  Nevertheless, whilst it is important to bear in mind that the two topics are naturally intrinsically linked, the theme of impending doom isn’t. 

In September, we reported that whilst the national trends had slowed from the momentum we saw in August, the West Midlands was still going strong.  Last month, we predicted that both buyer and seller hesitation would continue to deliver a slower October with the Brexit deadline approaching.  With the announcement of the upcoming December UK general election, this may impact the slow down for the remainder of 2019.

However, for those people with the confidence to continue with their home sales, we have seen a really positive month in the sales market.

How is the West Midlands Property Market Doing?

• House prices up 1.1% year on year;

• House prices up 0.2% month on month;
  

• Average September house price was £229,998;

• Average number of days to sell was 56.

The average time to sell is the lowest, or quickest across the whole of the UK.  Perhaps this is because whilst sellers might be hesitating, buyers are not.  In fact, data shows us that both parties are really working hard to ensure that their sale does not fall through, once they have secured one.  The percentage of sales that have fallen through so far in 2019 is at the lowest since 2015*

Andrew Oulsnam, Director, says that:

The undeterred buyers might have a smaller pool of properties to choose from in the light of fewer new properties being launched.  However, this means that those sellers who do have the confidence to put their home on the market stand a far increased chance of selling quickly, as the latest national and regional data is proving.

 *source – RightMove.