Medway Property Market Update | March 2023

March 12th, 2024

How’s the property market in Medway right now?

Buyer demand is up 11% versus the same period in 2023 but with new homes for sale at almost double this rate, the supply and demand falls in favour of buyers with increased competition for sellers. Buyers no longer have a fear of missing out and now have a fear of overpaying. Marketing and pricing attractively is key, people buy properties based on a feeling they get when viewing a property, if the marketing doesn’t attract them to the property to view then there’s a problem. Now more than ever, buyers have choice in the market and are comparing over 10 properties before making a decision so ensuring your property is presented well for viewings is imperative, all things your estate agent should be advising and guiding you on.

Across the country, according to Rightmove, average new seller asking prices rose by 0.9% this month to £362,839. Annual price changes up by 0.1% on a year ago, the first increase after 6 month of annual price falls. Agreed sales in the first six weeks of 2024 were 16% higher than over the same period last year, and 3% higher than in the more normal market of 2019, indicating that many buyers feel that 2024 offers the right conditions to move. However, the market remains very price-sensitive, and appears to be operating at two speeds, with properties that are priced accurately being snapped up by budget-conscious buyers, whilst over-priced properties are left on the shelf. It’s taking more than two weeks longer to find a buyer than at this time last year, with the average time to sell at its slowest since 2015, excluding the initial pandemic lockdown months of April & May 2020.

I hope that’s helped you in understanding the current property market conditions and if I can be of any assistance in regards to your personal circumstances please get in touch and I’d love to help.

medway property market conditions march update tom dix best independent medway estate agent