The housing market is a funny place at the moment. With each passing week there seem to be differing reports of prices remaining static, some people believing they are already dropping or will drop, and some of my vendors still telling me they are on the rise!
No-one has mentioned a crash yet though, which I suppose is good news.
But what about Welling specifically?
I've often put Rightmove stats on here over the months, so I have re-visited the figures going back a few months to see if there are any trends, and it doesn't help much!
In May there were 70 properties listed, yet in August 86, in a month when many people are away on holidays, or busy with weddings or with the kids being off school. The rental supply was up, but seasonally this is the norm.
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| Available properties listed in May 2017 |
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| Available properties listed in August 2017 |
As a result of this increased level of stock, and with buyers away on holidays in August too, there were price reductions across the board. Over 33% of properties in the £350,000 - £450,000 price range were reduced prior to going under offer, and indeed over 25% of properties listed on Rightmove today in the DA16 area are showing as having been reduced since first arriving on the market.
This does not mean prices are going down. It just means people are advertising them for more than they should, and then having to make the adjustment later.
This is proven by the asking prices of properties over the same period, comparing May 2017 and August 2017, having increased. But these are asking prices, not sold prices.
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| Average asking prices at first listing, May 2017 |
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| Average asking prices at first listing, August 2017 |
Basic supply and demand applies in property even more than many other markets. There is more stock out there at the moment, and less buyers, you need to price your property correctly to sell, and you need to be open-minded regarding sensible negotiation on price.
And it seems a little daft to increase your average price, when there is more competition out there with more houses to choose from, only to have to drop your price 3-4 weeks down the line when the initial impact of hitting the market has been lost.
If you are serious about moving this side of Christmas, hit the ground running, price correctly and sell promptly, otherwise be prepared to give it 6-8 weeks which we're finding is currently the norm, but you will still sell.
The market is not the best it has been, but things are still moving, and if you are upsizing, it remains a good time, as whatever you are buying up the pricing ladder will no doubt find themselves in a similar position to you, so negotiate that onward purchase well.
If you need help with any aspect of residential property please do not hesitate to get in touch.
If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.
Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.
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