12 Aug Residential property listings fall across the UK
As part of our work as one of the leading estate agent in Tunbridge Wells, we like to keep our clients and readers up to date with what is occurring in the property market across our local area, but also nationally. While our property micro climate has been quite robust over the last 15 years, it is important to be aware of what is happening around the country as it can impact lending policies and sales trends.
In July this year housing market supply fell by 6% across the country with London being hit the hardest with a decrease of 12.7% according to the RightMove House Price Index. This latest fall in London represents the first dip in the capital’s market since December 2017.
The North of England were worst hit with Blackburn seeing a drop of 48.6% in new listings, while London Boroughs Camden and Kensington and Chelsea saw decreases of 29.9% and 26.1% respectively.
We often expect July and August to be slightly quieter months as people wait out the summer school holidays before making decisions on their next home move. We don’t see these drops to continue as a trend which will continue much passed the end of August. Even with the latest interest rate increases we’ve not seen any great deal of impact on price in our local area, despite the quieter period.
As people look to buy and sell their properties before Christmas, we expect to see a significant increase in market activity in early September. Although we recommend that if you are thinking of moving before the end of the year you should try and get your property on the market before the end of this month in order to, get a head start on the competition which will inevitably, be fierce in September.
Tunbridge Wells is an extremely popular area for London commuters with regular services in to London Bridge and Charing Cross stations. This means that when a property arrives to market in the area, they don’t tend to take long to receive offers. Getting your property on the market sooner rather than later will guarantee you the maximum exposure during a traditionally quiet period.
If you would like to speak about your options make sure you get in touch with one of the leading estate agents in Tunbridge Wells, a member of our team will be happy to talk to you about your property – call us on 01892 530109 or contact us via our website. You can also find us on Facebook, Twitter and LinkedIn.
photo credit:By Kelvin Atkins