Welcome to our monthly Property Market Update.
Who could have predicted that in the space of a month since our last update there would have been so much change in the country?
After mourning the death of Queen Elizabeth II we now have a new King and a new Prime Minster in Downing Street too.
So it's hardly surprising that the property sector will have seen some upheavals too, and although you wouldn't guess from the news headlines there is in fact a great deal of good news for both sellers and buyers in and around Attleborough .
OnTheMarket's latest data revealed that almost three quarters of buyers are confident of purchasing a property within the next three months and 79% of sellers thought they would sell their property within the next 3 months. That kind of sentiment reflects how strong the property market really is right now.
Sellers
The end of the summer break and the start of the new school term signal the beginning of the autumn season for the property market where we always expect renewed activity at this time of year.
As Rightmove has reported that the average price of a property coming to the market rose by 0.7% last month, and that buyer demand is up 20% overall on the pre-pandemic five-year average, all indicators show that activity is already high.
So if you choose the right estate agent to help you market your property it's a great time to potentially achieve a quick sale at record values.
Buyers
There are two big news items that will interest buyers. The first is that the number of homes coming to market has risen by 16% this month compared to this time last year, meaning stock is back to pre-pandemic 2019 levels. This means there are more properties to choose from.
Of course even more important than that is the stamp duty cut from Friday’s mini-budget. Two-thirds of homes are now exempt from stamp duty for first-time buyers in England as the threshold is now set at £425,000. However the good news doesn’t stop there as a third of homes on the market will now be exempt for all buyers due to the overall Stamp Duty starting rate rising from £125,000 to £250,000.
You can read more details about the changes to Stamp Duty in our blog
We've been helping people buy and sell homes locally for more than 40 years so pop into our offices on Exchange Street, Attleborough and find out how we can help you. As award winning members of The Guild of Property Professionals we’re local independent agents with a nationwide network.
Call us today on 01953 453 838 and let us help you make your move.