Well, what a tumultuous month May has been. Despite the rising cost of living, base rate hikes, the Queen’s Speech and the Jubilee celebrations, the property market seems to be weathering the storm. But what were the important numbers for May?
Well, first off, new property coming to market in Derby has seen a boost over the month, with 466 new listings recorded on Rightmove, up from April at 381 and oddly enough an 18% increase, wiping out the 18% deficit we saw between March and April and hinting at what the summer months might hold for stock levels.
As far as the national market goes, there appears to be no let-up in asking prices, with the house price index recording yet another record, with the price of property coming to market hitting a fourth consecutive record of £367,501, up by 2.1% monthly (+£7,400)
However, some signs suggest that buyer activity has been affected by the cost-of-living increases, along with the interest rate rise, with Rightmove concluding that the number of buyers contacting Estate Agents is 14% down over the year, although we have yet to see any real falls in interest here at Hannells, registering a further 740 new applicants in May, booking 2’527 viewings and with a whopping 95% of viewers making an offer on a property.
It seems that the advice for buyers, in the Derby market at least, is to be aware of extremely high competition for properties and be prepared to offer asking price or over if you find the property that is right for you. We have achieved 103% of asking prices throughout May, and received over 28’000 unique visits to our website, so competition is still strong.
From early indications, and even taking the extra Bank Holiday into account, June appears to be all about increasing stock levels and we expect to see an increase in property coming to market once the school holidays and the Jubilee weekend are over.
As always, if you need any advice about the local property market, buying, selling, or renting, get in touch with your local team.
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