May Market Report

The sun is out, we enter June. Rates increase yet again. Last time they went up, the market went swiftly down and a little bit sideways.

This is the May Property Market report for Irlam and Cadishead. Enjoy

Thursday 11^th May saw Interest Rates increase to 4.5%, when they went up previously on the 23^rd March, my video at the time reported, reductions galore with an air of caution from many buyers. Lets see how the market reacted to this latest change.

Given that in mean today I will start with the information about houses being reduced. As I mentioned earlier march saw a mahooosive 44 houses reduced in just one month, this time the market has responded with 25 reductions. So clearly had an impact but not as much. As a comparison to last year when it was a sellers market there were just 9 reductions in the month.

There are so many indicators available which given a picture of the market and I feel this is the best while we are on the current trajectory.

Moving on to houses brought to market. 31 in may this year, comparing this to 2022 when there were 35 houses. So pretty similar stats there.

Sales agreed – this is a really positive indicator, with 31 sales being agreed last month comparing this to last year when may 2022 saw 35 sales. So houses still selling?

Houses that are available in May 22 there were 106 houses you could buy, this year sees 176 so more choice for those buyers out there.

Online property views, this is how many people are looking at houses for sale.

2022 – It was 107 views per day, currently we are hovering around 39 views per day.

Before we summerise – Tip of the month.

Staging your home for pictures is incredibly important to create that story and impression of your home, bath towels laid out, a throw over your bed, candles or even some daffodils around your home to bring in colours.  Chop those cushions and make sure all your light bulbs work.

So Interest Rates up, the market still ticks over. Sales Agreed and at a normal level, houses brought onto the market, at a normal level. Reductions higher than usually, Property views are down considerably to last year and there are more houses available.

There is an easy way to describe this kind of market. That’s a Balanced Market.

If you need any help, tips, advice or a valuation on your home reach out at anytime. See you again next month.