Wed 04 Dec 2019
Is the Gerneral Election Impacting on the Housing Market?
In October, we reported that whilst the UK as a whole was experiencing a slowdown in home sales, the West Midlands region was still faring well on the whole, with House prices up 1.1% year on year and 0.2% month on month. However, as November moves us closer to Christmas, we have started to see the expected fall in both the number of properties coming to market, as well as the overall sale prices. Crucially though, is this a sign of the political times, or an expected seasonal drop?
National Property Trends
The price of property coming to the market in November has fallen by 1.3%, or £3,904 across the UK. The areas with the largest decrease (month on month) in house value are the South East and West, Wales and the North West all with a percentage drop of over 2.4%.
So, as we predicted last month, the tail end of 2019 seems set to see the number of sales agreed at its lowest point for some time.
However, as we continue to point out, this remains a positive market for those people who are determined to continue in their selling and buying quest, despite the outside factors that are causing uncertainty and reluctance to act decisively with other people who would perhaps otherwise be making that step.
West Midlands Property Trends
We can see that with the average time to sell a home at 55 days, even quicker than last month, which is by far the quickest than any other region in England, buyers and sellers who make the decision to act on a home sale are absolutely committed to seeing it through.
- Average Sale Price - £226,930
- Monthly Change - -1.3%
- Annual Change – 1.4%
- Average Time to Sell – 55 days
Ben Palfrey, Branch Manager at our resolutely active Hagley Road branch says:
The figures show us, and the activity we are seeing in branch bear this out, that there are some absolute Winter bargains to be had for savvy buyers who are matched by confident sellers in this market. Whilst a seller may be accepting a small price drop in the sale value of their home, it is also likely that this is proportionately reflected in the home they are looking to purchase upwards in the property ladder. Furthermore, due to the lack of competition in houses currently offered for sale, sellers are achieving swifter sale agreements which means they are saving money in the long run by not being on the market for too long.