March - Property Market Report for Irlam and Cadishead

Spring has arrived, and it's time for the Irlam and Cadishead Market Report for March 2023. As interest rates increase and house prices drop, the property market is undergoing significant changes. As an experienced local estate agent, I was recently invited onto Channel 4 program Steph's Packed Lunch to discuss the challenges tenants are facing in the current market. Let's take a look at the latest stats.

Starting with houses brought onto the market, we can compare this year's figures to last year's. In 2022, there were 33 houses made available, while this year saw an increase of 24% with 42 houses brought to the market. This is a promising sign, but are houses actually selling?

The answer is yes, but they are taking longer to sell than they were last year. With fewer buyers in the market, houses are selling in weeks rather than days. This year, there were 30 sales in Irlam and Cadishead, compared to 33 sales last year. At Oliver James, we're proud to have had the most sales in the area last month, with a 33% market share.

However, the most significant change we've seen is in the number of house price reductions. In 2022, there were only 8 reductions in the area, whereas this year saw a staggering 44 houses being reduced - a 138% increase. This trend may be a sign of things to come, and it's essential to price your property correctly if you're looking to sell. Overvaluations are only leading to price reductions now.

As for available houses, there are now 179 properties available, compared to 89 at the same time last year. With slower sale times and more reductions, it's crucial not to hesitate about selling. As the market inevitably slows down, it will become more challenging to sell your property.

If you're looking for property advice or have any questions, feel free to reach out to me. Otherwise, I'll see you again next month for the latest Irlam and Cadishead Market Report.