The months leading up to December often result in many home buyers rushing to find a suitable property with a hope of pushing the purchase through before the Christmas period sets in. This year has been no different, and the consequence is home sellers raising their asking prices. The October rush last month had house prices peaking at their highest level since 2014, with house sellers’ asking prices increasing by 1.1%.
According to Rightmove, the average asking price on a home across England and Wales reached £313,435 in October, which is a £3,432 (1.1%) increase when compared with the average asking price in September. Statistics show that there is a historical trend with a rise in asking prices throughout October, and it has been the case every October since 2001 when data was first recorded.
Miles Shipside, director of Rightmove, said that there will be many new home sellers hoping to agree a sale before Christmas, but he also claimed that due to a 3.1% increase in new property sellers compared to this time last year, things have been made a little more difficult.
Rightmove say that the properties that are selling the quickest are homes that fall into the “second stepper” property sector, meaning those with three or four bedrooms, but excluding four-bedroom detached houses, where the average time taken to find a suitable buyer currently stands at 60 days.
The typical first-time-buyer properties, with one or two bedrooms, takes just a little longer, with an average agreed sale time of 62 days.
Due to buyers’ average wage rises usually falling behind house price inflation, plus the real possibility of a potential interest rate hike looming on the horizon, home sellers in the popular sectors should still be cautious of pricing their property out of the market. Buyers will be looking to purchase the best buy on the property market in their preferred area, either in terms of the best price available or the best quality of finish.
The toughest market in which to sell is currently the “top of the ladder”, which includes larger homes. These properties typically take an average of 76 days before a sale is agreed, although the challenge is particularly noticeable in larger cities like London, where the average marketing time increases to 86 days.
According to Miles Shipside, the sales agreed figures are performing the best in the North of the country, while a common factor across the UK is that the lower and middle market sectors are receiving the most activity. However, in areas where the high rise in property prices has outstripped buyers’ wages, sellers will have to either consider reducing the asking price or ensure their property is a more attractive proposition than the competition by offering extra desirable features or a high quality of finish.
If you’re looking to sell a property or buy a new home in Cardiff, then CPS Homes Lettings and Estate Agents have the experience and expertise to ensure you get the most out of the Cardiff market. Get in touch with our knowledgeable team today by calling us on 02920 454555, e-mailing us at firstname.lastname@example.org, or popping into one of our Cardiff branches based in Roath, Cathays and Cardiff Bay.