𝐀𝐮𝐠𝐮𝐬𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐔𝐩𝐝𝐚𝐭𝐞 𝐟𝐨𝐫 𝐈𝐫𝐥𝐚𝐦, 𝐂𝐚𝐝𝐢𝐬𝐡𝐞𝐚𝐝 𝐚𝐧𝐝 𝐑𝐢𝐱𝐭𝐨𝐧

Hello and welcome once more to my property market report for irlam cadishead Anne rixton this time we look on the results of August 2024 often August is one of the quietest months in the year for other state agents in the UK as so many children are off school keeping their parents busy with many families opt in to travel abroad this often means searching for a house is put on hold for a month at least

So let's jump straight into it this month we will start with caddy said which covers the post code M 44 five there are currently 65 Properties for Sale with nine new listings

B. last year there were 70 Properties for Sale and 16 new listings

C. If we look at the six year average this shows 58 Properties for Sale and 14 new listings is the average

this shows that there are slightly more houses to sell but less houses are being brought into the market which could cause prices to increase very slightly if there are less choice for the buyers

the current average asking price for those houses for sale is 209,000 777 lbs this equates to 215 lbs per square foot's

moving on to the positive news there were 12 sales agreed

b. The six year average is 11

on the average asking price for those 12 sales agreed were £204,923

this equates to 246 LB per square foot

again in a positive twist usually the pound per square foot on the sole prices is usually lower than the asking prices boots that's which is around this August with an increase of £31.00 per square foot

in other news there were 10 price corrections

b. Six year average is 7

there were no withdrawn properties

b. Six year average is 3

and there were five house sales falling through

b. Six year average is also 3

with one of highlights was 169 roseway avenue selling £237,000 whih was £293 per square foot, record breaking numbers there.

Irlam

moving just over the border into earlier which is M44 six

there were 92 properties available for sale

b. Six year average is 83

there were 17 new listings brought onto the market

the average asking price of those available properties is currently £263,529

which equates to 328 LB per square foot which is a big difference to last month which was 280 lbs per square foot so average asking prices have actually jumped up £48 per square foot's could this just mean some houses of overvalued have house prices  risen or is it just simple as some nice big houses have come on

for the positive news there were 17 sales agreed

b. Six year average is 16

the average asking price of those sales agreed were £218,970 this equates to 274 lbs per square foot that's a difference of £54 per square foot between houses for sale and houses sold which is near enough round about £47,000 difference

in other news there were 10 price corrections

b. Six year average is 11

there were two withdrawn properties

b. Six year average is 5

and there were six houses falling through who lost their sale call me

b. Six year average is 5

so overall it makes back there of some being higher and some being lower But mostly the figures are opposite of what's happening in the next door neighbour of caddies heads

c. With one of our highlights being putting close in earlham selling for £250,000 which was the asking price and that equated to 336 lbs per square foot

Glazebrook

Iand finally the third section of this market review takes us to W836 which covers rixton glazebrook and other parts of loton

August this year saw 65 Properties for Sale

b. Six year average was 59

there were 16 new listings

b. Six year average is 18

on the average asking price for those houses for sales is £359,062

which equates to 284 LB per square foot which is a whacking £78,000 more than last month

the square footage has also gone up from 259 to £284 per square foot that's an increase of 20 pound £25 per square foot

looking at the positive figures there were 16 sales agreed with an average asking price of £255,937 which equates to £252 per square foot

b. This works out at over 100,000 LB difference between asking prices an asking price is achieved and the asking price achieved has actually gone down round about just under £20,000 from last month July

in other news there have been 8 prices corrections

b. Six year average is 8

there were four houses withdrawn from the market

b. Six year average is also for

and there was one house sale falling through

b. Six year averages 2

c. the highlight of those sales was a property on applecross road WA 3 which completed 465,000 lbs and it was a four bedrooms and that calculated at 362 LB per square foot

There is definitely more choice on the market for potential buyers compared to recent years

and this combined with lower interest rates compared to a year ago, has brought more

sellers to the market and in turn, a higher number of sales being agreed.

The number of sales was 50% up on August last year.

However, we must not get too carried away as the market was still struggling with the

hangover from the mini-budget and the peak of mortgage rates in August 2023, so it is not

just the impact of the election and bank rate cut that has caused this market activity.

The average £ per sq ft has dropped in comparison to last year and highlights that pricing

correctly is still paramount to finding a buyer as stretches on affordability continue to

constrain purchasing power.

Zoopla have highlighted that 20% of properties are reducing their asking price by 5% or

more and these properties are taking 2.6 times longer to sell versus properties that price

correctly from the start of marketing.

It takes 28 days to sell a home with no asking price reduction, but 73 days if overpriced.

Price reductions are still an issue with August seeing a 31% increase on the number of

sellers altering their asking price compared to recent years and July saw the highest number

of price reductions on record tracking back to January 2019.

However, there were considerably fewer sellers withdrawing from the market, which

highlights there are much more committed sellers on the market right now compared to

previous years and perhaps being more realistic with their pricing expectations now they can

see more positivity returning to the market.

All in all, the market is definitely moving in the right direction for those serious movers who

are realistic with their expectations.

I must also convey the length of time it is taking to move home, with a seller hitting the

market in September, not expecting to actually move until March 2025 based on it taking 60

days to find a buyer and a further 154 days to go through the legal process according to

Rightmove.

For anyone, looking at making a move in 2025, they should start the ball rolling now and get

their plans in place whilst the market has momentum on its side.

There is definitely more choice on the market for potential buyers compared to recent years and this combined with lower interest rates compared to a year ago, has brought more sellers to the market and in turn, a higher number of sales being agreed. The number of sales was 50% up on August last year. However, we must not get too carried away as the market was still struggling with the hangover from the mini-budget and the peak of mortgage rates in August 2023, so it is not just the impact of the election and bank rate cut that has caused this market activity. The average £ per sq ft has dropped in comparison to last year and highlights that pricing correctly is still paramount to finding a buyer as stretches on affordability continue to constrain purchasing power. Zoopla have highlighted that 20% of properties are reducing their asking price by 5% or more and these properties are taking 2.6 times longer to sell versus properties that price correctly from the start of marketing. It takes 28 days to sell a home with no asking price reduction, but 73 days if overpriced. Price reductions are still an issue with August seeing a 31% increase on the number of sellers altering their asking price compared to recent years and July saw the highest number of price reductions on record tracking back to January 2019. However, there were considerably fewer sellers withdrawing from the market, which highlights there are much more committed sellers on the market right now compared to previous years and perhaps being more realistic with their pricing expectations now they can see more positivity returning to the market. All in all, the market is definitely moving in the right direction for those serious mmovers who are realistic with their expectations. I must also convey the length of time it is taking to move home, with a seller hitting the market in September, not expecting to actually move until March 2025 based on it taking 60 days to find a buyer and a further 154 days to go through the legal process according to Rightmove. For anyone, looking at making a move in 2025, they should start the ball rolling now and get their plans in place whilst the market has momentum on its side.