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AN IDEAL AUTUMN TIME FOR HOMEBUYERS

Residential News | Fri 20 Sep 2019
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Now could be the ideal time for potential homebuyers to secure a new property and a favourable deal, due to a dip in the number of property sales completing, according to Rightmove’s latest house price index.

Rightmove’s latest figures show that sales numbers are down by 5.5 per cent in all regions compared to a year ago, indicating widespread hesitation in the market. 
The index also reveals the average newly-listed property asking price has dipped by 0.2 per cent this month. However, in Yorkshire and the Humber monthly prices increased by 0.5 per cent, and have risen annually by 3.2 per cent. In addition, properties in Yorkshire and the Humber take an average of 61 days to sell, which is just below the national average of 62 days.
Patrick McCutcheon, head of residential sales at Dacres, said: “It’s important to remember these figures are only a monthly snapshot of the market. The 5.5 per cent national drop is a marked contrast to the 6.1 per cent increase in sales reported last month. In addition, the year-to-date figure shows that the average sales agreed numbers are only down by 3.4 per cent on a year ago.

“It’s also encouraging to see that Yorkshire is bucking the national trend when it comes to pricing. Both buyers and sellers can only wait and see for so long, especially when the underlying housing market fundamentals remain solid, with good affordability, low interest rates and the potential of a negotiation, for motivated autumn buyers.
“Across our 21 North and West Yorkshire offices we have seen a recent lack of supply, but there are plenty of buyers out there and homes that are priced appropriately are selling well. However, it’s essential to the get the right marketing advice from a local expert who knows the market inside and out.”

Miles Shipside, Rightmove director and housing market analyst commented: “Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves. However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate. The autumn bounce normally kicks off at the same time as kids go back to school, but this year it’s a late starter at best, and if uncertainty persists then the autumn term could be missed altogether and its activities be delayed until the new year. Those who are planning to buy or trade up and can keep their nerve whilst others hesitate may find that they are in a stronger negotiating position to get a favourable deal.”

Shipside added: “In August we reported a pre-Brexit buying spree with the number of sales agreed up by over 6 per cent compared to the prior year, as buyers and sellers decided to get deals secured well before the next Brexit deadline.  A month later, as the deadline gets closer and tensions heighten, there has been a big swing the other way with sales agreed numbers now over 5 per cent below those of a year ago. Buying activity is still at nearly 95 per cent of what it was a year ago, but sellers in all regions are seeing fewer sales go through, so should be more willing to negotiate with prospective buyers if they want or need to get a deal done.”
“There’s obviously some year-on-year bounce occurring in prices in the North West, and also in the North East, Yorkshire & the Humber and Wales, which all have new sellers asking at least 3 per cent more than at this time last year. Buyer affordability and investor activity create and maintain market momentum, but these factors are lacking in parts of the south.”

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