Sellers’ market in the northern regions
Price of property coming to market increases by 0.9% (+£2,623) this month to £309,122, just 0.4% (£1,349) below the all-time high reached in June
Sales agreed in September have recovered from summer lull, now down just 4% on the post-election boosted same period in 2015, and up 6% on 2014
Sellers’ market in the north of the country with sales agreed up on 2015 and available stock down
Buyers still have upper hand in the south - sales agreed are recovering but down on 2015, and stock is up.
The six northern regions (North West, North East, Yorkshire & the Humber, East Midlands, West Midlands and Wales) saw an 11% fall in the total available stock for sale compared to the same period in 2015, continuing the downward trend over the last few years. This reduction in choice for buyers hampers their ability to negotiate and gives sellers the confidence to both ask for higher prices and hold out for their asking price. The number of sales agreed have risen by 3% in these regions compared to the same period a year ago.
"While the number of new-to-the-market sellers is actually up compared to this time last year in all the northern regions, it is failing to keep pace with high buyer demand. Agents report brisk sales in many areas, especially in the mass-market sectors. They say as long as it’s not over-priced, the right house in the right area is quickly being snapped up for close to, at, or even over the asking price."
October Average Property Prices