Property Market in W12 and W6 experiancing a 'New Year Bounce Back'
Recent new headlines have focused on the slowing of the housing market, but the latest research from Rightmove indicates that across the country, the average price of property coming to the market for sale - has risen by 0.9% this month, making January’s price growth is the biggest seen at this time of year since 2020.
In Shepherds Bush and Hammersmith we can echo this as we have been experiencing a 'new year bounce back'.
In the last quarter of 2022 we advised many of our clients to get ready for the January market. Many of buyers took advantage of this time to reassess their mortgages and investigated the best deals, especially those who put their moving plans on hold in the Autumn months. We are now pleased to say they are now reaping the rewards of being prepared and focused.
Kerr and Co also launched a number of new properties over the christmas holidays - which lead to a flurry of activity, It was reported January 4 th being the busiest day on record for all UK agents which we can certainly agree with.
We also received a number of new instructions as mortgage interest rate rise has slowed since their peak in December 2022. Buyers are more realistic and taking a more pragmatic, longer term view of the market. Housing stock is still in short supply those buyers who are prepared and focused will reap the rewards.
Rightmove recorded an increase of buyers offering on early viewings from 26% in 2018 to 48% in 2022, with a shortage of good quality housing and an increase of competition, we have found sellers more knowledgeable on how to present and showcase their properties and more flexiable on their asking price - making sure that their house is 'sale ready ' and that step closer to move on. Whilst buyers on the other hand - have returned with a more realistic idea of what they can afford and what areas they can invest in.
Over the last 4 week we have valued and launched a number of amazing properties, many of which have already received several offers. Our Sales team have experienced an increase of offers on properties - just after the first or second viewing which illustrates a trend of buyers who are more organised, informed and motivated - which is resulting in a quicker sales.
The New Year bounce back has focused buyers attention with the choice of properties remaining limited although there are signs this will start to ease over the coming weeks and months. The is a feeling confidence is returning as house prices begin to level out and price expectations become more realistic which was needed as prices increased during the covid period . We can see a more ‘traditional’ housing market starting to merge which we hope will continue into the Spring and early Summer markets .
If you have plans to move in 2023, and would like to discuss your plans for this year we would be delighted to help you prepare for your next move.
Please contact our Sales Team firstname.lastname@example.org or on 0208 743 1166 for all you queries on the local housing market and how you can be supported making your next move.