Rightmove Falling Prices Mean Buyers Market

Rightmove has seen a fall in house prices by 0.2% this month and declared that a ‘buyers market’ may be here soon.

With figures also showing:

• Property coming onto the market is down by 7.8% from the same time last year
• Sales are down by 4.6%.    
• The average estate agent now has a “stock level” i.e. properties for sale at 53 properties.  This is back at its all time high, first recorded in July 2018.
• It is now taking sellers on average 62 days to sell a property, it has not been this high since 2013.

Comment

Buyers that have been put off with Brexit uncertainty should be aware that estate agents have more sellers on their books looking for buyers, so there is plenty of choice and a possibility of negotiating a better purchase price.  Research shows that market prospects are good for the buyer, there is a good level of employment, combined with low interest rates and a variety of mortgage choices which, should see more buyers make the move, put in a cheeky offer and ‘bag a bargain’.  Add to this, mortgage approvals are up and property prices for smaller properties are holding firm but not rising anymore.