So what’s actually happening in the property market and more specifically the Medway market?

On 1^st November house prices had the biggest monthly rise in October for more than a year according to Nationwide. With Rightmove reporting average asking prices increase by 0.5% during October.

In Medway, the average asking price of new properties listed for sale during October was £381,765, the lowest we have seen during 2023, suggesting sellers are adjusting to market conditions in order to achieve a sale, which coincides with the fact that 72 more properties were sold during October than in September in Medway. The average price of these properties was £312,707.

Choice for buyers continues to increase, with 2274 properties available for sale in Medway during October, the highest we have seen for some time and almost double compared to the same month last year. With this in mind, sellers must price attractively and maximise every opportunity when it comes to the marketing and exposure for the property to stand out from the crowd and compete for buyer attention. Your estates agents experience and strategy is key to achieving a sale in a crowded market.

New sellers entering the market remained consistent with 2023 figures with 539 new properties being listed for sale during October. The number of buyers in the market to purchase a property is still up 8% vs 2019 according to Rightmove based on the number of enquiry’s received per property for sale. Positive signs that buyer and seller confidence is still high.

364 properties were reduced during October, down compared to 418 in September with the average reduction price remaining consistent at £20,000.

The Bank of England held base rates at the beginning of November showing further positive signs for the remainder of 2023 and start of 2024 in regards to mortgage rates. Lenders consistently reduced average mortgage rates throughout October with the the average 5-year fixed mortgage rate now 5.36%, down from 5.97% a year ago and the average 2-year fixed mortgage rate is now 5.81%, down from 6.22% a year ago.

I personally agreed 10 sales during the month of October, the highest number year to date. These properties on average in 28 days, with 10 viewings per property and 3 offers.

If you have a questions about the property market in Medway or would like me to help with your sale or purchase then please get in touch today.