What is the property market really like right now...Have house prices increased?
A round up of the data and trends this year and how lockdown has affected the market and house prices.
It is fair to say that this year has been turbulent for the country and world, in fact as a whole. So the question on many peoples lips is how has this affected house prices in your area? Of course there is no one size fits all but here is a quick roundup of some of the data (stats provided by Rightmove). Rightmove saw its busiest day ever on May 23rd when over 47 million minutes were spent on the site collectively, pent up demand from the lockdown is likely to blame for this.
House Prices
- House prices in the North West have increased 9.3% annually (data from Nov 2020)
- A new national record for average asking prices has been hit for properties coming to market with a 1.1% monthly rise in October 2020 taking the national average to £323,530.
- Nationally, November is seeing a slight fall in asking prices so far at an average of £1500- this is not unusual for this time of year and in fact is less of a drop than in the last few years. However the North West has still come out on top as one of the few areas still growing but at just 0.1% monthly change in November.
Records (Data from Oct 2020)
- Average time to sell is quicker than ever before- now 50 days.
- Agents have more stock under offer than available for the first time ever.
- Highest number of sales agreed in a month, up 70% on last year.
- Traffic to Rightmove up 50% on September 2019- biggest annual jump since 2006.
So is now a good time to sell up and move? Get in touch with us to discuss why now might be the right time to sell or get an accurate up to date valuation.
Contact us:
Bebington Branch
0151 644 6000
lesley@lesleyhooks.co.uk
Bromborough Branch
0151 334 5875
rachael@lesleyhooks.co.uk
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