Medway Property Market Update | October 2024 | Tom Dix The Independent Medway Estate Agent

Описание: As we step into Autumn, the property market is already seeing increased activity. Nationally, average asking prices have risen by 0.8% this month, bringing the UK average to £370,759, which is double the usual seasonal rise. In Medway, available stock levels are at their highest since 2014, providing a wide variety of options for buyers.

Buyer Demand & Sales Activity Across the UK, sales agreed are up by 27% compared to this time last year, marking a strong recovery from 2023's quieter market. In Medway, buyer demand is on the rise, fueled by lower mortgage rates and more homes coming to market. Approximately 32% of homes for sale are now chain-free, offering buyers more flexibility in making a purchase.

Price Movements in Medway The average sales price in Medway currently sits around £360,000, while new listings are averaging closer to £370,000. However, homes are staying on the market for longer, with the average "days on market" now at 60 days, indicating a more cautious market environment.

Price reductions are common, with the average reduction in Medway standing at £19,000, highlighting the importance of setting a realistic asking price to attract serious buyers. Nationally, about 37% of sales are being agreed at 5% below the initial asking price, reflecting the price-sensitive nature of today’s buyers.

Mortgage Rates & Affordability For buyers, the market is looking more favorable as mortgage rates have dropped to their lowest in 15 months. The average 5-year fixed rate is now around 4.3% for a 75% loan-to-value mortgage. While this is significantly better than earlier this year, affordability remains a challenge, particularly in more expensive regions. However, expectations are for modest price growth moving forward.

What This Means for Buyers and Sellers For buyers, now is a great time to explore the market, with a growing number of properties available and improved mortgage rates. This gives buyers more leverage in negotiations, making it a more attractive time to purchase compared to earlier in the year.

For sellers, accurate pricing remains crucial. While there is renewed interest from buyers, overpricing your property could result in it sitting on the market for an extended period. In Medway, well-priced homes are drawing attention, but reductions are often needed to align with the market’s expectations.