April Property Market Update
2023 is a year which continues to fly! With Easter falling in April, it will be a shorter month, and in May, along with the usual bank holidays and the Coronation to look forward to, it will be Summer before we know it! On the Bank holidays, when our offices are closed, our Regional Centre is open (except for Easter Sunday), helping to arrange viewings and valuations for sale, rental and auction properties and providing updates for offers; all calls will automatically transfer through to the Regional team.
There is movement in the market and demand for properties across the board; we sold 30% more houses in March than in February, which is very encouraging. House sales were slightly down on last March, with approximately 5% fewer properties sold than in March 2022. The number of properties coming onto the market increased, with nearly 10% more properties coming on for sale.
We see exciting things happening in the rental market; there is still a need for more supply, with fewer properties coming on the market in March than in previous years but more properties rented out! If you have a property that may be suitable for rental, please get in touch with us, as we have many potential tenants waiting. Letting is an option worth considering for some sellers with vacant properties on the market for sale.
Interest rates rose yet again in March, but it did not appear to dampen property demand. We did see an increase in the number of sales falling through; this happens for a variety of reasons; in some instances, personal circumstances change; in others, the property is down-valued at survey, and a seller and buyer can not agree on a renegotiated price or it may be that the chain collapsed. It is always frustrating when this happens, and the sales teams work hard to keep chains together.
Spring is traditionally a time when the property market starts to pick up speed, and there is still a high demand for sale and rental properties across the North East. If you are considering selling or renting your property, don't hesitate to contact your local branch; they would happily provide a FREE Market appraisal.