For the fifth consecutive month, Rightmove is reporting an all-time high in their June House Price Index, with property prices up by an average of 0.3% on last month.
After a record-breaking few years, the market is starting to cool down a touch, yet still performing well, with properties achieving above the asking price, albeit at a slower rate. Annual house price growth is still on track to be 5% by the end of the year.
What does this mean for sellers?
Properties are still achieving above the asking price. Despite the overall competition in the market reducing a bit, there are still more buyers than properties. So if you are wondering whether it is a good time to sell, it still is!
Advice to homeowners looking to move remains the same – being prepared for a quick sale puts you at an advantage, so finding a buyer for your current property before you find your next one is definitely the position to be in.
Rightmove's Tim Bannister said: “The exceptional pace of the market is easing a little, as demand gradually softens, and price rises begin to slow.
Homeowners looking to buy again will still need to put themselves in the best possible position to secure their next home in this strong market by making sure they find a buyer for their current property before looking for their next home”
The conveyancing log-jam means the average time to get a property to completion is 150 days, so we recommend potential sellers act fast and come to market within the next few weeks should they want to move before Christmas!
At Redbrik, sellers who sign up for our all-inclusive package have the estate agent and solicitor fees wrapped into one and make the most of the agent, solicitor relationship to help get clients to completion. We instruct solicitors as the property goes live on the market to ensure you're ready to start the conveyancing process as soon as you have accepted an offer to suit you. It makes a world of difference in this market!
Thinking of a move but haven't booked your valuation yet? Click here to book your free valuation with just a click of a button.
What does this mean for buyers?
Affordability constraints are creating a better balance between supply and demand, meaning there are a few less buyers to compete against while searching for a property.
The number of properties coming to market is up by 7% from this time last year, so if you're in a position to buy, there's less competition and more choice!
Our partners Connect Financial Solutions, are also on hand to provide bespoke advice and help you step-by-step through the mortgage process, assessing your unique situation.
There are so many mortgage products available, so if you are unsure about your affordability, get in touch with Connect Financial Solutions for more information and advice on the mortgage product that suits you: https://connectfinancialsolutions.co.uk/