Mon 14 Oct 2019

written by naomi baron

What's the Latest in the Property Market?

 

August was a great month for growth in the West Midlands property market.  We saw more home sales registered across all of our 12 sales offices than we would normally have expected for that time of year.  In fact, the land registry reported these trends across the entirety of the UK.  We take a look at whether September had similar positive results.

September Property Information

At first glance, it seems as though having such a busy and successful August, has taken a bit of momentum out of September.  A summary of the regional statistics shows us that:

• The average price of property coming to market has fallen by 0.2% (-£730);
• The number of sales agreed is down in all regions compared to a year ago;
• 5.5% national drop in the number of sales agreed (month on month);
• 3.4% national drop in the number of sales agreed (year on year).

We have seen a month of political drama that has undoubtably affected both buyer and seller nerves.  So, we’re not too surprised that September has been a month of hesitation.

How is the West Midlands Property Market Doing?

The national figures are brought down by London property prices in particular.  In the Midlands, we have retained the positive momentum we saw in August.

• House prices up 1.9% year on year;
• House prices up 0.3% month on month;
• Average September house price was £229,584;
• Average number of days to sell was 54.

 

With the Brexit deadline approaching, we anticipate hesitation will continue for October.  However, we also know that this makes good opportunities for buyers to negotiate good prices with sellers who are keen to make a deal.