October Property Market Update
October was a phenomenal month for the UK Housing Market with the House Price Index rising across the board and strong buyer activity in a sectors of the housing market.
I think all of us in the Estate Agency Industry are wondering how much longer this can go on for, how long can the Housing Market hold up at it's current pace, or do we think this is the last month before it runs out of steam?
Well looking at the current market stats and comparing them to last year the large problem looming on the horizon is lack of stock. Many of my peers in this industry far and wide have been complaining about low stock levels for months and looking at the current market availability this is true of the Wembley property market as well.
Let's have a look at the figures and see what they are saying:
- Available Stock - this represents what is currently on the market for sale.
- October 2021 there were 470 properties on the market.
- October 2020 there were 622 properties on the market.
- This is a reduction of 24% of properties on the market!
- New Instructions - this represents what has just come to the market this month.
- October 2021 there were 80 new properties on the market.
- October 2020 there were 135 new properties on the market.
- This is a reduction of 40%, meaning the amount of new properties coming to market is reducing.
- Sales Agreed - this represents the number of properties where sales were agreed in October.
- October 2021 - 47 sales agreed.
- October 2020 - 81 sales agreed
- This is a reduction of 42% and is probably a direct result of not enough properties coming to market and potentially the reinstatement of full stamp duty now being payable - what are your thoughts on this?
- Price Reductions - this represents the number of properties where the marketing price has been reduced.
- October 2021 - 40 properties had their price reduced.
- October 2020 - 90 properties had their price reduced.
- This is a reduction of 55.5%, which means that fewer properties are requiring a price reduction to sell, which is to be expected in a rising market and also a market where stock is lower than average levels.
- Time on Market - this represents the number of properties that have been on the market for 12 weeks or more.
- October 2021 - 511 properties were on the market for 12 weeks or more.
- October 2020 - 490 properties were on the market for 12 weeks or more.
- This is an increase of just over 4% which means that whilst 40% less stock is coming to market 4% more of the stock on the market is taking 12 weeks or more to sell than this time last year.
Buyer Demand
We are seeing that buyer demand is still strong across all buying sectors, however those buyers that either have nothing to sell or have sold already are in a strong position, probably why they are being called the 'Power Buyers'. The point to take away here is that if you are worried about finding a property to move and don't want to put your property on the market until you have found something you are putting yourself in a weaker position. Focus on getting your property sold as the right buyer will wait for you and in turn, when you are ready to start looking for a property there should be more stock available on the market in the second quarter of next year. What you don't want to do is be buying under pressure - the market will wait for you!
Local Market Reports
We have collated a sales and lettings market report for you covering the Wembley HA0 and HA9 postcodes, if you click on the links you will be able to download them.
I'll be back next month with a round-up the comings and goings of the Wembley Property Market but until then you can enjoy all of our property tours and advice on our YouTube Channel and don't forget to Like and Subscribe!
See you soon x.
Abigail