The Sellers' Competition is On

National bank and 10.8% market share holder, Nationwide claims that the current housing market remains weak amidst the 0.5% increase in asking price.

It’s no news to anyone that the market has seen better days. With the average asking price sitting at £368,231*, and only making a 0.5% increase from the month before. This is drastically below the historic norm in October which is usually around a 1.4% increase.

Let us remember that during the pivotal years of COVID-19, we saw huge changes to the average asking house price. At a national level, average UK house prices grew by around 20.4% between January 202 and December 2022.

Comparatively, in the three years before (January 2017 to December 2019), the average house price grew by just 7.8%. **

When comparing these statistics, the drastic price increase because of COVID-19  over previous years. It is important to remind ourselves that now we are mostly back to normal, house prices will fluctuate and attempt to settle.

But what does this mean for hopeful sellers? Should you back out now and wait for the market to rise again? Or is it time to pull up your socks and get stuck in?

As the market settles there is a high chance we will see an even bigger fall before a rise again. So, there is really no better time then to price competitively and join the competition. There are still buyers ready and waiting, the only huge difference now is that sellers need to be savvier with their prices and catch buyers in the first launch of their homes.

This means that sellers should get on board with an agent who knows what they’re doing from day one. Why not view how we market our homes through high-level photographs, offer expansive floorplans and get you seen on the top four major UK property sites to get you started on the right foot?

We’re here for you, so if you do want to kickstart your journey with the right agent, why not get in touch with us today?

*Rightmove House Price Index

**Lloyds Banking Group