Are we seeing a drop in house sales or prices in North Yorkshire? With houses now taking a national average of 55 days to find a buyer and a sale taking on average 155 days to complete it seems like we are in a very different place to where we were in 2022.
Are we seeing a drop in house sales or prices in North Yorkshire? With houses now taking a national average of 55 days to find a buyer and a sale taking on average 155 days to complete it seems like we are in a very different place to where we were in 2022.
We are seeing houses available for sale for weeks before securing a buyer so is this a sign that the market isn’t good? You might be interested to know that exactly the same number of homes had a sold in March this year across the DL6 - DL11 areas as they did in the same period last year, 124 in total!
So what has changed in the North Yorkshire property market?
Now before we get too excited and think the housing slow down hasn’t reached our area we also need to consider that last March there were 379 homes for sale and this March it has increased by 75% to 663, this means buyers have lots more properties to choose from. Something else that local home sellers need to know is that the number of buyers have dropped by 45% nationally, impacted by higher mortgage rates and increases in day to day living, this means that buyers are fewer on the ground and they have time to choose from the increase in homes available. Some buyers are on the fence and waiting to see what is happening.
Which homes are selling?
So what are the buyers buying? In March of the 124 sales a massive 47 of these were detached houses followed by 26 terraces, 25 semi detached, 19 bungalows and 2 apartments.
So what is bringing buyers to our area, aside from the fact is it a beautiful place to live? Some of the main pulls to the area is the prospect of the designer outlet which is well underway at Scotch Corner and the proposed motorway services at Catterick, all bringing hundreds of jobs to the area. Local developments are also underway with some new build popping up around the area.
Is it a good time to buy?
Yes, absolutely. With lots more homes to choose from and less buyers to compete with there is time to choose and consider your best options. Mortgage fixed rates have settles a lot now with 2-5 year deals under 4% and the economic prediction is that even though house prices may fluctuate in the coming months, over the next 5 year period house values are es times to increase by at least 2.5% meaning it is likely you will still get a better deal if you buy now than to delay.
Struggling to sell?
Price reductions are rife in our area especially if we compare to March last year, in the whole month of March 2022 there were 30 reductions this is in vast contrast to this March 2023 where we saw 65 reductions which is a huge 116% increase, 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.
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.
Local property news
Several completions happened in March with new buyers moving locally within the area, first time buyers and buyers without a home to sell were the ones moving.
We had a couple of fall throughs on properties one of which resulted in an offer 3% higher than the last sale price agreed. A property listed in DL10 sold within the first few weeks of sale and had multiple offers and sold above the marketing price, showing that committed buyers are still there and will pay for homes they see value in.
It isn’t all lower priced homes selling. In March 7% properties that found buyers were sold for amounts in excess of £700,000, the highest being £1,350,000 which was in DL8 which was only available for 5 weeks before securing a buyer, well below the two month UK average. This shows that buyers across the pricing spectrum will commit if they see value in a home.
If you are thinking of selling
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 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.
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