June has slipped past in a blaze of heatwaves, Government scandal and interest rate increases, but how has the property market fared?
We take a look in our June Roundup…
An overview of the national market suggests that the predictions from earlier in the year seem to be coming to fruition, with a slow down in house price growth, despite property prices reaching another record high of £368,614.
Although this is another month-on-month increase, it is a much more modest 0.3%, the lowest growth rate for some time and could be an early indicator of a slowing in the pace of house price growth as the wider economical constraints start to bite.
Buyer demand is also down according to the Rightmove House Price Index, showing an 8% reduction in May compared to April and this is reflected on a local level in our June figures, with new buyers registered down to 690 from last month’s 720, however we conducted some 2’617 viewings in June across our branches, an increase from 2’527 in May, so appetite for the right property remains strong.
In fact, 102.9% of viewings resulted in an offer, suggesting that buyers are prepared to make a quick decision on the right property and are offering on more than one property at a time in a bid to secure a purchase.
New stock coming to market in Derby was down slightly, with 421 new listings, compared to 466 in May, a fact that is evident in our June numbers, with 101% of asking prices achieved, showing yet again how competitive the Derby market is for buyers.
Despite the slight slow down in asking price growth, Rightmove still expects to see house prices achieve the predicted 5% growth by the end of the year.
As always, if you need any advice about the local property market, buying, selling, or renting, get in touch with your local team.
You can find your nearest branch, just by clicking here.