June Monthly Market Report for the North Cotswolds

It was the hottest June since records began in 1884 according to the MET Office. While the country basked in the sunshine, the UK property market was heating up too. House prices rose by 0.1% in June, confounding economic forecasts and increasing the average cost of a home in the UK to £262,239.

 

Summer is always a busy time for the property market, with buyers and sellers mindful of the need to start the ball rolling soon in order to be able to move in time to be settled in their new home for Christmas. 

 

With this in mind, let’s take a brief look at what’s been happening over the last month in the local property market around the North Cotswolds.

 

There are currently 1112 properties available on the market in our area. In June ‘22 there were only 764 properties available in our area. This is a 45.5% increase in the number of properties available compared to this time last year. Back to this year: in May, there were 1048 properties available; in April, there were 995; in March, there were 943; and in February, there were 824. The market is buzzing with activity, and it is currently a great time for buyers as they have more choice. 

There are a steady number of properties coming onto the market each month. In June, 280 properties came onto the market. In May, 245 properties came onto the market; in April, there were 257; in March, there were 270; and in February, there were 175. 

In June, the number of sales agreed was 184, which is a similar number to the 188 that were agreed in June ‘22. In May ‘23 the number of sales agreed was 191. This was the highest number of sales agreed in the last seven months. In April there were 145; in March, 160 and in February, there were 123. These figures demonstrate that the local market continues to remain buoyant. 

In February, we saw 120 price reductions across the North Cotswolds property market. In March, there were 119; in April, 107; in May, 121; and in June 162. As we approach the deadline to sell in order to move in time for Christmas, there may have been an increase in price reductions as a result of sellers wanting to guarantee that their home receives a higher degree of interest. It is worth remembering that when properties are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months.            

In June, there were 465 slow movers in the North Cotswolds area. This is a property that has been on the market for 12 weeks or more. In May, there were 423 slow movers; In April, there were 394; In March, there were 396; and in February, there were 430. 

Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be in the top 10 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.

Sold prices in our local area over the last year were 13% up on the previous year and 10% up on the 2020 peak of £562,904 

In February, each property in the North Cotswolds area had an average of 79.1 daily views on Rightmove. In March, they fell slightly to 66.3, then soared to 92.1 in April and 80.9 in May. In June, they settled back down again to 69.7. 

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

 

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