January Company Update
Farewell 2022 and hello 2023. The year just gone was quite the rollercoaster and was our first year since Covid to be absent from lockdowns and restrictions, which was refreshingly ‘normal’. In addition to this, we are starting to see some normality return to the housing market and we give you an update on both the sales and lettings markets below.
As we round up January, we are excited for another year of property, charity, events and our community. Bring on 2023!
Recent discussions have focused on the slowing of the housing market, but new research from Rightmove indicates that across the country the average price of property coming to the market for sale has risen by 0.9% this month (+£3,301) to £362,438. Specifically in our region, this translates to a 5% increase compared to this time last year, which can only be positive.
Not only this but an increasing proportion of properties are receiving offers within a day after a viewing. This percentage has increased from 26% in 2018 to 48% in 2022, making now the optimum time to sell your house if you’re seeking a quicker sale. In addition to this, Rightmove’s latest data shows that buyer demand is up 4% compared to the same period in 2019. With buyer demand on the up and nearly half of all listed properties receiving an offer within twenty-four hours of a viewing, your next move may be closer than you originally expected.
It’s not just good news for sellers, but buyers too! During November, the number of properties entering the market increased by 16% compared to the same time last year, marking a return to 2019 levels. This increase in property listings has created more balance with supply and demand, allowing buyers more time to find, view, and offer on properties, as opposed to the mad rush we experienced in 2022, where buyers were often missing out on properties due to the huge competition. I think we can agree this is a sense of a more ‘normal’ market which we are familiar with and happy to see again.
If you think now is the time to sell, speak to our teams today.
The demand for landlords’ properties remains high and shows little sign of slowing down.
For many renters, there comes a time to make the first move into the sales market, however, recent research from Aviva shows that up to a million people may rule themselves out of the first-time buyer market in the coming months due to pressures caused by the cost of living crisis. As a result, rental demand is likely to stay high, which is positive news for landlords. However, one should not forget that looking after your tenants means they will look after you and your property. There are various ways in which you can ensure you are getting the most out of your portfolio, and you can read more in our blog here.
All the team at Brand Vaughan thoroughly enjoyed getting involved with various events in our community in 2022. It really was a brilliant year and we hope this year is just the same, if not even better. Before we finished for Christmas, we were encouraging our customers to Ask Away…
We understand that many are feeling uncertain about the property market, both sales and lettings, and are looking for advice on what to do. That’s why in our latest campaign we’re committed to providing you with any property related information that you may need – and we’re encouraging you to “Ask away…”
Ask us any property questions that you have and believe us when we say – there is no such thing as a silly question. No matter if it’s a lengthy, detailed question or short one, one question or several – call, email or message us on our social channels and we will answer your uncertainties to offer you advice, reassurance and knowledge to get you moving in the right direction for 2023.
We cannot wait to see what this year holds, not only in the property market but also within our community. We have lots of exciting things planned for 2023 as a company and as always, we look forward to sharing them with you over the coming months.
Here’s to a happy and healthy 2023!