Monthly Property Market Update.
Welcome to our monthly Property Market Update.
Bonfire Night is nearly here, the leaves are falling from the trees and so autumn is in full swing - and since our last newsletter we've had yet another new Prime Minister!
Once again news headlines seem to be full of scary stories about the property market but we're here to give you real knowledgeable advice and help gained through experience.
So you might be surprised to find that there's actually a great deal of good news for both sellers and buyers and that the local property market in and around Attleborough is actually in rather good health...
Sellers
Did you know that last month UK property prices hit their highest ever levels?
The latest market-leading research from Rightmove revealed that the average value of property coming to the market rose by 0.9%, but you wouldn't guess that from a quick look at the news reports.
To go into a bit more detail, the average rise in October over the past five years is 1.2%, so this latest increase is in line with the usual seasonal trends. More than that, Rightmove also points out that buyer demand is still 20% higher than the normal pre-pandemic market of 2019.
The simple fact is that people want to buy property and it's still a great time to sell.
Buyers
With overall buyer demand staying high (and Rightmove reporting that the first-time buyer sector is particularly active with a 24% jump on the normal pre-pandemic market of 2019) you certainly aren't alone in thinking this is still a good time to buy.
Asking prices traditionally drop in November and December due to the normal seasonal property cycles, so with potential price changes there's even more reason to get on with your plans and let us help you find your new dream home.
Perhaps the biggest thing for buyers to bear in mind amidst all the recent political and economic upheaval is that the stamp duty cuts in the Liz Truss mini-budget are just about the only things that haven't seen a U-turn!
This means a third of all homes on the market are exempt for all buyers and two-thirds are still exempt from stamp duty for first-time buyers.
Help and advice
As Attleborough's longest established Estate Agent we're perfectly placed to tell you all you need to know about the local Norfolk property market.
As an example, read our blog regarding how annexes could provide an ideal solution for Attleborough residents who are looking to both upsize and downsize.
Using statistics from the Land Registry, Office of National Statistics and Denton House Research we take a deep dive into how this simple yet cost effective option could help solve the housing issue in Attleborough and indeed the UK as a whole.
On a more frivolous note, we've also got some great tips for keeping your pets calm on bonfire night! We've been helping people buy and sell homes locally for more than 40 years and we take our responsibilities as part of the local community seriously.
Remember remember, it doesn’t need to be the 5th November to come into our offices on Exchange Street, Attleborough, we’d love to chat and find out how we can help you whenever you’re ready. You can also book a valuation with us online and follow us on Facebook to see our latest news and properties.