The question I get asked most often at the moment is ‘how’s the market?’ So if you’re wondering the same and are looking to buy or sell a property in 2023 then here’s your Medway property market update for February.

Throughout January, just over 4000 properties were available for sale in the area, the most we have seen on the market since early 2021. There are a few reasons for this, Rightmove report that the on the 5^th January, valuation requests via their website were the 3^rd highest ever seen through their website, showing high confidence amongst homeowners for the year ahead. Further backed up more properties being listed for sale in January this year than in 2022. Property sales in January were down with just 677 properties being sold, the lowest number we have seen for past few years, further contributing to the amount of properties available for sale. It seems buyers sat on the fence in January to see what how the market would react to the new year.

More choice for buyers means properties that are attractively presented and priced are being snapped up, whilst those that are not sold are just helping others sell. Properties being reduced throughout January was up on December but down on October and November of last year.

The number of prospective buyers contacting agents via Rightmove is up 4% compared to the same period in 2019, and up by 55% compared with the two weeks before Christmas. As interest rates continue to soften, buyer activity is strong and personally I have been working with many first time buyers that have just started looking, a sign of buyer confidence for the year ahead. Zoopla “expect demand to improve further in the coming months as mortgage rates continue to fall and would-be movers realise that large price falls are unlikely to materialise”

I hope that’s helped your understanding of the market and if you have any questions regarding buying or selling then please get in touch. Not all estate agents are the same. I do things differently. As an independent estate agency owner I promise a personal, professional and proactive approach to your property needs. To find out more about how I’m improving people’s moving experience and changing the perception of estate agents in my clients eyes, please feel free to contact me on 07557783325.