Your Medway Property Market Update for June

June 2nd, 2022

In May new properties listed for sale was at it’s highest since April 2021 with 1341 new properties coming to the market in Medway. Available stock for sale is also increasing so more choice is now available to buyers.

The properties being sold show no signs of slowing with sales agreed once again on the up during the month of May. However the amount of properties being reduced increased in Medway by 20% vs the month of April. This trend is mirrored by the likes of Zoopla who report “Asking prices have been cut by 5% or more on one in 20 homes listed for sale in 4 weeks to mid-May”. The times report that people who are trying to sell their property are having to reduce by an average amount of £22,500.

Propertymark report that 39% of their members sold properties for above the asking prices in the month of May. With the length of time properties are taking to sell still at record lows, however marginally increasing month by month, it seems that if your property has not sold in 4-5 weeks then it’s time to make changes, either to your asking price or your selling agent.

Zoopla comment that “While the rate at which property values are rising is likely to ease during the rest of the year, house prices are not expected to fall.”

Average asking prices have risen more than £55,000 in the past two years, compared to a £6,000 rise in the two years before the pandemic, so if you are thinking of selling your property now is a great time to do so. Sell your property now, and become a buyer as the value of property prices start to ease.

In the mortgage world, the monthly payments on a £300,000 property purchase with a 10% deposit has risen by £77 over the past 3 months, my advice to buyers would be to buy now to lock in a low fixed rate, prices are not guaranteed to come down but interest rates are consistently rising week by week.

If you have any questions regarding the property market or would like any advice please contact me on 07557783325 and follow my Facebook page for moving tips, market news and new properties before they are released to the portals.