August 2023 Monthly Market Report for North Cotswolds

More lenders, including Nationwide, Leeds, TSB, Virgin, and Clydesdale, have been reducing their rates on some of their mortgage products. This is despite the predicted rise coming the next time the base rates are reviewed. 

 

Hopefully, this is showing some confidence by lenders in the stability of the market and encouraging those who are sitting on the fence about moving home or buying property at the moment.

 

This stability can be seen in the national data. 42% of properties were sold (subject to contract) within 30 days of first being listed in July, compared to 43% in June and 57% in July 2022*.

 

Sellers and agents that are adjusting to the market will get properties sold. Those that do not price correctly will just sit on the market and go stale. This is true of any market, but especially now when market conditions are more akin to those of 2017/8. 

 

Looking more locally now at the August property market conditions in the North Cotswolds, there have been 1122 properties available for sale. As many as 264 of these were new to the market over the month. This means nearly a quarter of all the available properties were new stock during a period that people “on the street” would consider to be a quiet time for the property market. 

The table below shows an overview of the last few months’ activity at a glance:

2023 Available for sale New to the market
August 1122 264
July  1085 212
June 1112 280
May 1048 245

In August, as many as 144 sales were agreed upon, which shows the local market is still very active. Again, August is “known” as a traditionally quiet time, but the data demonstrates there are still a lot of people keen to, or needing to, move home. And, as we say every month, the media’s talk about a housing market crash really is showing no signs of manifesting.

Across the North Cotswolds in August, there were as many as 166 price reductions. This is a record high for 2023. The number of ‘slow movers’** has also peaked at 570. Those agents and sellers that are pricing properties correctly are seeing them sell well, but those who are denying the current reality and perhaps holding onto the inflated prices we saw during the pandemic are struggling as the market returns to something closer to normal levels.

 

Total numbers of price reductions and slow movers, at a glance:

 

2023 Number of price reductions Number of slow movers
August 166 570
July  151 494
June 162 465
May 121 423

We are proud to be in the top 2 agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans. Those sellers who say “we’re not in a rush” misunderstand the way the market works, sadly often due to lack of education by their estate agents. 

Unfortunately, the data show that the longer a property languishes on the market, the lower offers become over time. Properties that are priced correctly in the first instance regularly achieve higher sold prices than those that are forced to make price reductions over time. This leads to a very real ‘pounds, shillings, and pence’ difference in your pocket.

If you’re looking for further information about the North Cotswolds property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01608 695252 or email hello@distinctpropertyconsultants.co.uk

*Data via Opening The Gates

**Slow movers are defined as properties that have been on the market for 12 weeks or more without being sold (subject to contract).

 

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *