Locally, house prices have risen by 2.3%, significantly outpacing the national average increase of 0.6%. This is an incredibly encouraging sign for the region. However, as discussed on the MOVE IQ podcast, this optimism should be tempered with caution. The market remains price-sensitive, with the average transaction time in our region being 63 days to find a buyer and an additional 154 days for solicitors to complete the legal processes.
Planning Your Move
For sellers, this means the average journey from listing their property to completion is about seven months. If you aim to be moved by Christmas, now is the time to consider putting your home on the market.
Election Impact
Many have asked about the potential impact of an upcoming election in July on the housing market. David, our Managing Director, believes it will be business as usual. Insights from our partners at Rightmove suggest that 95% of people planning to move home say the election will not affect their plans.
Historical data shows that the last two elections in 2015 and 2019 saw significant increases in buyer demand, with jumps of 18% and 14%, respectively.
Advice for Buyers
Our advice for current buyers is to secure a property before the general election. Increased demand and competition could increase house prices, making now a strategic time to purchase.
By understanding these trends and acting proactively, buyers and sellers can make informed decisions in today’s dynamic market. Ready to make your move? Contact us today to get started.
