Good morning, dear readers of the Palace Auctions London Blog. Today, we delve into the current state of the UK housing market, drawing insights from a recent article on GB News.
The UK housing market has seen some significant shifts over the past year. One of the most notable changes is the extended selling times for homeowners. The average waiting period to secure a buyer has increased by 19.5%, from 53.9 days to 64.4 days. This change is largely due to a significant increase in available housing stock across the market. In England alone, property listings have risen by nearly 14% over the last year, reaching a total of 846,455 homes for sale.
Despite the longer selling times, asking prices have remained largely static, with a marginal 0.2% increase from £366,881 to £367,572 over the past year. However, it’s worth noting that properties are selling for about 77% of their asking prices. This suggests that while sellers are holding firm on their asking prices, buyers are negotiating harder.
On a positive note, the UK housing market has shown some encouraging signs throughout 2024. Monthly mortgage approvals have demonstrated consistent growth, surpassing 60,000 in February and reaching a two-year high of 68,303 approvals in October. This indicates a healthy demand for properties and a willingness from lenders to support buyers.
So, what does this mean for sellers? Gemma Young, CEO of Moverly, advises sellers to remain optimistic but patient. The current market conditions suggest a careful balance. To facilitate a faster selling process, sellers can provide potential buyers with upfront material information on a property as soon as they express interest. This transparency can help build trust and expedite the decision-making process for buyers.
In conclusion,
while the current market presents some challenges for sellers, there are also opportunities. By understanding the market dynamics and adapting strategies accordingly, sellers can navigate these changes and find success. Stay tuned to our blog for more insights and updates on the UK housing market.
Until next time, happy selling!