Medway Property Market Update

March 5th, 2022

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What is the Medway property market like?\r\nFebruary saw the average price of new properties coming to market rise by just under £8000. This is the biggest monthly jump in pounds recorded by Rightmove in more than twenty years. This was particularly evident in Rochester with new listings to the market up by £10,000 on average and we saw an increase to new listings across the whole of Medway. So if you’re thinking about selling and moving now is a great time to do so, most of the potential sellers I am meeting at the moment are positively surprised about the value of their home.\r\n\r\nhttps:\/\/\/q1gLhopkioE\r\n\r\nThe good news for buyers is new property listings are up 11% compared to the same period last year, suggesting more sellers are coming to market before looking for a property to purchase, to avoid missing out on their next home.\r\n\r\nnew properties to market in Rochester\r\n\r\nMore sellers on the market means more competition and choice for buyers. We could see this bring prices down in the future and those that are not selling are being forced to reduce their price. In Rochester the amount of properties reduced increased significantly and by an average price of £32,000.\r\n\r\nproperties reduced in rochester\r\n\r\nZoopla predict an easing to house price growth throughout 2022 but this means prices will still continue to increase, just not at such a fast rate. 5% more homes have come to market during February vs the five year average for the same month. The flow of new supply signals the market moving towards normal conditions however available stock is still tight which only puts upward pressure on prices.\r\n\r\nMortgage interest rates increased weekly throughout February but this is not deterring buyers as sales agreed continue to increase month on month and 16% more buyer enquiries are being sent to agents across the country than this time last year. It seems both buyers and sellers are keen to lock in a deal quickly before they rise further and miss out.\r\n\r\nNow if you’re a seller on the market right now and your property isn’t sold, it may be time to consider different representation. With prices continuing to increase and buyer enquiries still higher than ever there must be a problem. If you are thinking about becoming a seller then now is a great time to take advantage of the buyer demand and the prices they are prepared to pay. If you’re a buyer, ensure you a registered with all your local agents, you are financially prepared and legally prepared. This will make you stand out from the crowd and give you more chance of having your offer accepted.\r\n\r\nThere are no signs of this strong sellers’ market changing with supply and demand still significantly unbalanced.\r\n\r\nRelated articles you may be interested in:\r\n\r\nhttps:\/\/\/latest-news\/tips-for-buying-a-house-in-medway\/\r\n\r\nhttps:\/\/\/latest-news\/why-isnt-my-home-selling\/\r\n\r\n \r\n

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