Are you sitting comfortably? There’s lots to digest! Property announcements happened from the very start to the very end of November, affecting buyers, sellers, tenants and landlords. First, let’s set the scene with prices.
Propertymark’s latest report gathered responses from approximately 100 sales and 100 lettings agents 1st and 14th October 2023 for a great snapshot of the market. It found there were an average of 60 prospective buyers registered per branch, illustrating that there’s an appetite to move.
September was packed full of property information. There was news from all the big hitters, including the Prime Minister, major banks and the big portals. Here are the facts and stats shaping the current market.
It’s hard to ignore the UK’s rental market as we head towards autumn, which continues to run hot. According to HomeLet’s August Rental Index, the cost of renting a property has risen 1.4% in the last four weeks. UK tenants can now expect to pay an average of £1,261 per month.
As we progress through the third quarter of 2023, it’s interesting to note the broader trends in the property market. While the frantic conditions that accompanied the pandemic are over, the moving market is brisker than it was four years ago. To illustrate, Zoopla found property offers are received quicker now when compared to pre-Covid times.
With the longest day of the year behind us and the midway point of 2023 passed, we can evaluate how the first half of the year has treated the sales market. Predictions have come true. The red hot conditions and extraordinary price hikes of the pandemic have subsided.
Spring is one of the busiest times in property. When forming a snapshot of current conditions, we overlay our own data with that of the industry’s leading organisations. The last four weeks show the market is moving in the right direction.
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