Wondering what’s actually happening in the property market? If you’re thinking of selling or buying now or in the near future or just generally interested in the property market then here’s your Medway Property Market Update for August.

Mortgage interest rates have dominated the news headlines recently. Despite what the media are telling you, average rates across five-year and two-year fixed products have seen their first weekly drop since mid-April, as the more positive economic news in recent weeks begins to filter through to the mortgage market and lenders tentatively begin to reduce rates. Rightmove also report buyer demand is up 3% vs the last normal housing market of 2019.

The average price of available properties for sale in Medway increase from June to July to a figure of £386,675 with 2181 available properties for sale at the end of July. A 66% increase vs this time last year.

539 new properties were available for sale in Medway during the month of July with an average price of £369,424, just £1000 below the average price from July 2022 and the second highest average price for 2023 so far. Zoopla also report that the flow of new supply is up 2% vs the last normal market of 2019.

406 sales were agreed in Medway during July, just above the average of 405 sales agreed per month going back to March 2022.

The average price properties were reduced by in Medway during July comes in at £20,335, slightly below the average in June.

The average days properties remain on the market for sale in Medway also reduced during July to 109, the second lowest for any month year to date during 2023.

With buyer demand still up 3% vs the 2019 market and annual house price grown still at plus 0.5% vs 2019 sellers are having to price more realistically in comparison to other competitor properties available for sale. There are plenty of buyers in the market to purchase your property but they now have increased choice.

The housing market may seem scary and tricky to navigate right now but rest assured based on my experience sales are still being agreed withing 14 days of being on the market and one things for sure, mortgage payments are still cheaper than rent. Us estate agents need to move with market conditions and adapt with the changes in terms of selling strategies. To find out more and how I can help you specifically with your circumstances get in touch today through any of my social media channels, the contact form below or on 07557783325.