1981 properties were available for sale throughout April in Medway with an average price of £380,000. This is almost 700 more than this time last year. The increase in available properties for sale shows great seller confidence in the market but with more choice for buyers, sellers need to attract buyers with competitive pricing, great marketing and presentation of their home.

New properties being listed for sale remains consistent as it has done over the past 12 months sitting around the 500 mark per month. The big difference now is the average price they are being listed at. The average price being £347,000 versus the average of £381,000 in September and October of last year. 391 properties sold in April at an average price of £314,000. The volume being sold is higher than the average over the past 6 months but the price they are selling at is the lowest average price we have seen in the past 12 months. This shows a resilient demand for property and with mortgage rate rises declining buyers are keen to purchase.

Properties being reduced fell in April to the lowest number we have seen since September last year. The average price properties were reduced by in April was £21,000.

A big difference now is also the average days properties are on the market for which currently sits at 191 days versus 91 in April 2022. This will be due to the increased amount of choice available to buyers and those sellers that are reluctant to reduce their price to sit in line with current market conditions and the soft repricing.

Zoopla show leading indicators such as demand, number of sales agreed, flow of new supply and stock of homes for sale are down year on year but up versus 2019.

 But what does this mean to you?

If you’re a seller, it’s taking longer for your property to sell. With much more competition now available, buyers are able to be more picky and the best houses are being snapped up by the resilient buyer demand. You will either be successfully sold or helping others to sell around you my making them look more appealing to buyers. Take some time to finish those bits in the house you’ve always meant to and ensure you sell with an agent that takes their marketing seriously, is proactive with finding buyers and has knowledge of the market.

If you’re a buyer, with mortgages rates falling and high rental inflation, now is a great time to be purchasing a property with more choice now available and some soft repricing of properties for sale.