Welcome to The Property Centre's March 2023 Market Update.
Local property values have changed significantly in the last three years. To find out how much your home is now worth, book a free valuation or read on for more information on the housing market in your area.
Key Market Points for February
In February, The Property Centre saw increased levels of business across the board.
Applicant registrations were up 31% on January’s figures, which led to a 43% increase in sales. In fact, our sales total was almost identical to that of February 2022, indicating that the market remains extremely healthy.
Throughout the first two months of the year, we listed just over 350 properties for sale. This number is greater than the same period last year, reflecting the fact that there is still a high number of people wishing to sell.
However, the market remains price sensitive, and while we are still obtaining great prices and, in most cases selling houses in a very short period of time, the need to market at a realistic price from the outset is becoming more important - we're finding that the first three to four weeks of marketing are by far the most fruitful in terms of viewings and offers, and it is imperative that any seller capitalises on this.
As always, great property marketing is proving essential and while we list all properties on well-known portals such as Rightmove, OnTheMarket and Zoopla, we put a lot of effort into ensuring our website works effectively to ensure that vendors receive maximum exposure online.
Despite being a shorter month, throughout February our website received over 91,000 page views on property search pages with users looking at the properties we’ve got for sale.
As we’ve seen time and again since we introduced our state-of-the-art HDR cameras, the virtual tours we create are a highly effective way of showcasing a vendor’s property, generating more interest from potential buyers and helping to achieve the best possible price.
Another key observation from the year so far is that sales are now completing quicker. It appears that the pitfalls, workload and unexpected problems encountered by conveyancers last year have subsided. Utilising the expertise of our dedicated, in-house sales progression department, we are witnessing the process now being completed in significantly less time.
In summary and contrary to media predictions, we've been pleasantly surprised by how busy the market has been so far in 2023, with the market looking stronger as we head into spring.
If you're looking to sell this year, why not talk to one of our experienced local teams or book a free, no-obligation valuation of your property.
On the mortgage front, the range of products available on the market is expanding.
The total number of mortgage products available on the market has pushed past 4,000 according to Moneyfacts - the first time it has done so since August 2022. For potential buyers and home movers, the competition among lenders in the mortgage market is excellent news.
For the third month in a row, the average interest rate charged on transactions with terms of two and five years decreased in February. The latest falls put the cost of both products back to October 2022, despite the fact that the Bank of England has since raised the base rate of interest by 1.75%.
There are some surprisingly good deals out there, the key is simply to compare the different mortgage products on offer which can be extremely time-consuming.
We work in partnership with Mortgage Advice Bureau and have a professional mortgage adviser in each of our 10 offices, so we’re well placed to help buyers find the best possible deal to suit their circumstances. Click here to book an appointment.
