With the property industry being one of the cornerstones of our economy, it is always important to monitor how the market is doing. Whether you are planning to buy a property in the coming months or considering selling within the next couple of years, it is essential to do some market research to see what could be in store. Talking to a local estate agent is always the best way to do this as each specific area will have its own microclimate that local agents will live and breathe, helping guide clients through what could be a stressful time.

Although the mainstream press always leans towards a doom and gloom story, the market is nowhere near as lifeless as we have seen reported throughout 2023. It’s been tough, but there are still buyers out there attracted to properties that are priced effectively within a struggling market. Downward trends have also been enhanced because of the incredibly buoyant market we were experiencing throughout the pandemic. This was up until the mini budget in September 2022 where things changed nationally overnight. It took a while for sellers, and estate agents, to adjust and realise that we were no longer at the market’s peak.

At the start of the year, stock levels were higher than usual with a large percentage of properties still priced at similar levels to that of the market’s height in June 2022. As a result, more sellers had to reduce to remain competitive in the marketplace, with 16% of reduced properties having already dropped their price more than once. These patterns continued throughout Q2 and well into Q3, where the typical school summer holidays lull meant that activity slowed across the board.

After dipping our toes into Q4 we have seen a real upswing in market activity which bodes well for those looking to move! We believe there are a few reasons we need to thank for this. The lesser of which being that ‘normality’ has resumed following the conclusion of the school holidays. Additionally, we have seen the Bank of England base rate stabilise after a string of increases earlier on in the year. Primarily, mortgage rates have also been dropping which has restored confidence and eased cautious buyers back into the market.

Although we will have to wait until the end of the year before official statistics get released, October & November have already delivered on being good months for sales. We are experiencing less reductions for recent properties with sellers being more realistic in their expectations.

In summary, it’s been a turbulent year! It has continually been a buyer’s market throughout 2023 with sellers having to adapt and persevere to get the sale they need. We remain positive for the future as activity increases across the board, we hope this extends into the New Year while we also anticipate the usual quiet spell over the festive period.

If you’re looking to buy, sell, or need any advice on the property market this winter, please do not hesitate to contact Oliver Chandler.  

 

Oliver Chandler Estate Agents

62 Castle St, Salisbury SP1 3TS

01722 442444

info@oliverchandler.co.uk