The First Signs of Fall: House Prices Returning to Normal Patterns

16 September 2022


In a new report from Rightmove, house prices have seen the first fall of the year but, in comparison to previous years, there is still a huge increase in buyer demand.

The natural flow of the property market typically sees a dip in August, so this is not an uncommon occurrence. Rightmove’s Director of Property Science, Tim Bannister, suggests that the dip may be a direct result of distracted home-movers and “their first summer holiday abroad since before the pandemic.”

However, this does not mean that the market by any means has stunted. Buyer demand is still increasing, with a 20% growth than in the same month in 2019, and it was found that there has been an annual price growth of +8.2%.

Currently, the average asking price for August 2022 stands at £365,173, just 1.3% down from July’s £369,968. There has, however, been a 12% increase in new properties coming to the market than in the same period as the previous year, so this slight fall can be explained by a wider variety of properties.

Paired with this, Bannister suggests that many sellers who are currently looking to move may be wanting to move before Christmas and, in doing so, they must be prepared to price competitively in order to beat the current average time between accepting an offer and completing the sale, which could be as long as 6 months!

If you are thinking about moving, it is vital that you use everything you can to get the best price possible. We can market your home like never before with some of our great marketing features that can be found here.

Get in touch with your local Wards today to find out more about how we can help you succeed in getting the best possible price for your home!

 

*Rightmove Data