Is Richmond heading for a housing market crash? Read our July 2023 property market update!
Richmondshire house prices are holding fast but be warned this reductions are over 150% up on the same period last year. The Richmondshire market has continued to surprise everyone with national housing market predictions of falling prices and less houses for sale when we are seeing the opposite happen in our part of North Yorkshire!
The Love Property Market Update July 2023
With 13 consecutive interest rate rises the UK interest rates now sitting at 5%, the highest rate we have seen in well over a decade and home movers are understandably nervous. A 5 year fixed rate with 85% ltv is currently averaging 5.2%.
What is a surprise is the more house sold in DL7 - DL11 in June 2023 compared to June 2022 with the number of sales nearing 100 and showing more buyer confidence in the housing market than was predicted.
Great news for North Yorkshire home sellers but be warned that the price needs to be right!
What is bringing the buyers to Richmondshire?
Buyers always have a reason to move and our area brings buyers from all over the country and even internationally, the beautiful countryside and easy commuter links are as a good a reason as any to head to Yorkshire and all of our locals move around as life changes.
Many buyers we have spoken to are moving out of very expensive rental homes and military accommodation and buying a home, even compared with high mortgage rates some rents are eye wateringly high.
The number of sales agreed in June surpassed the levels we saw in 2022 and is up by 15% which is an unexpected result. All in all a good time to sell for many, also do remember that when you buy and sell in the same market that the fluctuations have much less impact, if your house value has changed so has the one you are buying.
Which price of homes were most in demand in June?
Another month where the most popular price bracket for sale is the £250,000 - £500,000 accounting for almost half of all sales agreed in June, closely followed by the £125,000 - £250,000 bracket.
The £500,000 plus homes are much lower demand at the moment and home sellers need to bear in mind that finding a buyer takes on average 55 days and this time increases the higher the price, all is not lost.
So what style of homes are the most popular?
In June of the majority of sales were agreed on detached houses, showing the same trend as last month and following that the other sales were evenly spread out meaning the detached are very desirable at the moment followed by the ever popular bungalows.
Without a doubt the winners offer value for money and homes that have lots to offer. With plenty of homes to choose from and less buyers to compete with there is time to choose and consider the best options.
If you are on the market but struggling to sell?
What is your marketing strategy? There are many reasons why buyers are not looking at your home or not offering, check the competition and see what you are up against and how your home compares. If you have been on the market for 8 weeks+ and have had less than 10 viewings you may have a problem.
Price reductions are still very high compared to last year in our area, in the whole month of June 2022 there were only 24 reductions this is in vast contrast to this June 2023 where we saw 61 reductions which is a huge 154% increase in home owners having to lower asking prices, it is much better to avoid the spiral of reducing your home to attract attention (this often results in a much lower eventual sale price) by planning ahead.
In June the number of houses for sale increased by 91% compared to the same period last year at sits around 600 in the DL7 - DL11, giving buyers lots more properties to choose from which will be a welcome relief for the home buyers who have struggled to find.
The homes we are seeing having to reduce prices or without basic essentials on their listings shows us is that home sellers need to focus on marketing prices and presentation, the strategy behind selling your home has never been more important and will have a huge impact on your outcome or even if you move at all!
Local property news highlights…
The highest price property sold in our area was a beautiful detached home in Fremington which was marketed for £1,385,000. This was only sale reported in June over £1,000,000 this £1m + home found a buyer within a matter of weeks.
This shows that buyers across the pricing range will commit if they see value in a home.
If you are planning a move in the next 12 months
Be prepared, give your home the best opportunity by making the slight tweaks that can make a huge difference when putting your house up for sale. We can advise you on what to do to enhance the value of your home, how to find and choose the most committed buyers and when its the best time for you to start with your marketing.
Laura and the Love Property Team
Ps. If you want to chat more you can connect with us in several ways,
1. Follow our blog by clicking here to stay up to date with what is happening in the property market and useful hints and tips to make the most of your home.
2. We can send you a personalised report, all you need to do is click here and fill in some information and send some pictures and we will send you back a report on your home.
3. Arrange an informal in person chat either in our office or at your home, call us on 01748 834373 or click here to book in and let us know when is best to meet up.