This morning a well-known property journalist posted on social media that of all houses that have come on the market in the past 30 days, 60% remain unsold. This was followed up by another industry expert commenting that the average home in the UK now takes 36 days to find a buyer. It’s been a popular post, in just 30 minutes there have been 33 comments all offering their opinions as to why.
There are 3 main trains of thought. The first is the increase in the cost of living. The 2nd is linked to what is happening in Ukraine and the uncertainty that creates. The 3rd and in my opinion the biggest reason is over-valuing estate agents.
At JDG we are still finding well marketed, correctly priced properties are getting snapped up. This week we have already agreed 12 sales, and 7 of those were new to the market last week! We are still seeing many homes achieving offers of the asking price and above.
Rightmove report that 22% of deals are being agreed within the first week of being listed. This is lower than what we are seeing at JDG. However, it is still more than double what was seen at the same time in 2019 and reflects the continued large disparity between supply and demand in the market.
There is no doubt the market will slow. The dizzy heights of last Summer are simply not sustainable. But for now, properties in Lancaster and Morecambe are still getting snapped up when priced and marketed correctly!
If you would like to chat about the sale of your home, please get in touch. At JDG we are here to help. You can call me on 01524 843322 or drop me an email at michelle@w0rdpr3ss
Thanks for reading
Michelle