A Regional Report – November 2023 Market Update

A Regional Report – November 2023 Market Update

In recent weeks, we have noticed that both buyers and sellers are being more indecisive. With less urgency on both sides, the market is somewhat slower and now requires a little more patience and a lot more determination. Something that we believe, only a seasoned estate agent has the experience to navigate.

On average, a house is now being viewed three times before an offer is made – unlike this time last year, where it wasn’t uncommon to receive an offer after just one viewing. Likewise, buyers are aware that the market is more in their favour and so negotiations are somewhat tougher.

The number of active buyers on our books remains comparable to last year however, we have significantly increased our portfolio of available properties, and so the supply and demand ratio has reduced by a little over 50%. That said, while the market is cooler, we still have a healthy 25 buyers registered for every property.

CONVEYANCING

If properties are priced to sell, they are still being snapped up in a matter of weeks, albeit facing challenges of a prolonged conveyancing period, mostly due to arranging finances in a timely manner. In these situations, we have found having a dedicated conveyancing team invaluable and they are working hard to push tricky deals across the completion finish line.

Unsurprisingly, we have also noticed an increase in the disposal of other assets. For example, we have just sold a beach hut (for a record price) on behalf of clients wanting to release funds. And we are speaking to a lot of second-home owners who are considering their options in the current market.

All-in-all, the market is requiring a ‘sleeves rolled up’ approach, which suits us, as we know it sorts the wheat from the chaff and helps us to increase our market share.

Average selling price: £640,000 Number of properties currently on the market: 147 Number of transactions in the past 4 weeks: 32

Polly Greenway

Polly Greenway

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