- New Homes on the market up by 8.6% compared to same month last year.
- New seller asking prices hit usual summer slowdown.
- Stock for sale per estate agent highest since September 2015
- Price of property coming to market in London down by 0.5% (-£3,279) this month
Large influx of new homes
A large influx of new homes have hit the property market in June, up by 8.6% compared to the same month last year, according to Rightmove.
The influx has seen the average stock per branch nationwide increase to 52, the highest level since September 2015.
Average stock per agent (including Under Offer/Sold STC)
Nick Leeming, Chairman of Jackson-Stops, comments: “Whilst it is the norm to see more sellers coming onto the market at this time of year there has undeniably been a stronger bounce in May and June this year as many home – owners held off listing their properties due to the unseasonably cold weather in March and April.”
“An increase in the number of properties for sale will have to be matched by a corresponding increase in buyer demand if vendors are to avoid reducing guide prices to secure a sale. The market is finely balanced at the moment and the latest political uncertainties over Brexit will do little to help build confidence.”
House prices come to a standstill – London falls
House prices have come to a virtual standstill, just 0.1% (-£248) cheaper than last month, partly due to the usual summer slowdown, according to Rightmove.
In the capital, London, however, the price of property coming to the market is now £11,040 cheaper than a year ago.
Mile Shipside, Rightmove director and housing market analyst comments: “At this time of year many potential sellers are more focused on erecting sun umbrellas as opposed to ‘For Sale’ signs, and would-be buyers are equally distracted by their summer holidays.
“So while an increase in seller numbers is a welcome sign of more liquidity in a generally stock-starved market, it has unfortunately come at a quieter time of year.
“Prospective buyers will need tempting with a summer special price or a beautifully finished and presented must-have home, and sellers whose homes tick these boxes then need an estate agent with good marketing skills to promote it effectively.”
Competitive and realistic asking price
Rightmove research has shown that having a competitive and realistic asking price from the beginning helps to attract immediate buyer interest and increase the chance of an earlier sale.
A third of properties currently on the market have been reduced at least once since they first came on to Rightmove, the highest at this time of year since 2011.
Average time to sell a home (no. of days)
With the influx of new homes on the market and with more options for buyers, sellers will have to make their property stand out above the competition to secure a sale.
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