Medway Property Market Update for December
December 1st, 2022
What’s happening in the Medway property market?
If you’re in the market to sell or buy a property in Medway, thinking about doing so in the New Year or just generally interested in the property market then here’s your Medway property market update for November.
Throughout November the bad news stories are still being published about the market scaring buyers and sellers, things are certainly changing, however to a more normal market. In November, across the UK, just under 19,700 properties were sold. In the same month in 2018, just under 19,400 were sold, and in 2019 just over 20,000. For most of 2022, the market has seen less properties on the market. Available listings across Medway in November came in at 4040 which is the highest since April 2021. 968 properties were listed for sale, very much in line with the same time last year. 704 properties were sold throughout November, slightly below October levels. Less properties were reduced In November vs October. Viewings per sale stays consistent between 10 and 11, giving further evidence the market is still buoyant and we are not heading for a crash despite media reports.
Rightmove report that the average price of property coming to the market drops by 1.1% in November, which despite the weight of financial uncertainty is in line with the average 1.1% drop recorded in November during the pre-pandemic years of 2015-2019. They also comment that ‘In October, 8% of unsold properties on Rightmove were reduced in the month, in line with the 7.5% of properties that were reduced in October 2019. However, it is double the 4% in October 2021 as the market becomes increasingly price sensitive and emphasises the importance of listening to your agent’s recommendation on pricing.’ Buyer demand is still up by 4% on the more normal market of 2019, but down by 20% on October last year. Throughout November we saw mortgage interest rates come down steadily which is good news for all and installed some confidence back into the market.
If you have any specific questions regarding the market and your situation, please give me a call 7 days on 07557783325. Click here for an instant online valuation of your property.