Market Update September
100 days after the whole Brexit debacle, and where are we? Yesterday the IMF reported that Britain will be the fastest growing economy this year and overall the latest figures on the property market paint a positive picture.
- The price of property coming on to the market in September is up 0.7% (+£2,277) from August
- In the previous two months property prices dipped 2.0%
- The price of newly-marketed properties with two bedrooms or fewer has jumped up by 3.3% (+£6,240)
- Seven out of the ten regions in England and Wales have seen asking price rises or standstills in September, compared with eight price falls in August
- Rightmove reported website visits were up 8% on the same period in 2015 for the first full week in September
After two months of price dips during the usual seasonal slowdown in July and August, there was a slight bounce back in September of 0.7%. This equates to an increase of £2,277 in the price of new properties coming on to the market. Looking back to figures from the month of September in previous years, it is lower than the 0.9% increase recorded back in 2014 and 2015. It does however contrast the four years before that (2010-13) which all suffered marginal price falls.
In the North-West there was more or less no movement, with prices at a standstill. A 0.1% decrease was recorded meaning the average price of a property in the North-West region is valued at £180,035 down from £180,146.
The North-West was not the only region where prices remained steady. Seven out of ten regions in England and Wales reported either asking price rises or standstills. Greater London saw the biggest increase last month of 1.9%.
The section of the market that stands out the most is properties with two bedrooms or fewer, with prices rocketing by 3.3% month on month and 10.5% for the year. That is an increase of £18,450 over the past year alone. Rightmove has also reported an increase of 8% in website visits for the first full week in September compared to the same period in 2015. This tells us buyers are still out there looking and enquiring.
At homes4u our sales teams are as busy as ever receiving these enquiries and valuation and instruction levels remain consistent. Our lettings teams are gearing up for the start of the student lettings season with properties starting to be advertised in the next few weeks.
Fallowfield Branch Manager Steven Curley comments “The last few months have flown by and business has been as busy as ever. We have seen sales agreed, new instructions coming on to the books and enquiry levels are through the roof. It is certainly an interesting and exciting time to be a part of the property industry.”
Would it help you to know how much your home is worth? Whether you are considering selling, or just out of interest one of our valuation specialist can visit your home without obligation to provide you with an up to date valuation for sale or for rentals. Its easy to arrange, simply complete our online form and one of our team will call you back. Alternatively, drop into one of our branches or give us a call
If you are looking for a property to let or buy, please visit our property search pages where you can view all our current availability. If you would like to be kept up to date with new instructions and price changes simply register in our members area or contact our friendly team in branch.