With the average asking price of a property dropping by 2.1% in December[1], leading Sussex-based estate and lettings agency Mishon Mackay, is weighing in on the current market and highlighting the opportunities available for buyers and sellers as the market continues to change rapidly.
Although nationally the asking price for a property has dropped, for sellers in Sussex, the asking price in Brighton alone is up 6.6%[2] compared to this time last year, taking sellers on average 40 days to find a buyer. Additionally, research by Rightmove found that the number of people enquiring to estate agents is up 4%, highlighting that not only buyer demand in the region continues to be high, but sellers are still receiving over the asking price for properties despite the economic turmoil the UK is currently facing.
Additionally, demand for properties outside of the city has jumped. With working from home becoming a more permanent fixture to many people’s lives, and lower average house prices compared to the inner city[3], the demand for more rural locations continues to rise.
Chris Thew, Sales Director at Mishon Mackay, said: “Despite the challenges the housing market is facing with the fluctuations in interest rates and the current cost-of-living crisis, there is still a huge demand for properties, with the demand still currently continuing to outweigh supply. With sellers continuing to receive offers over the asking price, it is a great time for those considering selling their home to enter the market and get a great price for their property.”
Although it still appears to be a sellers’ market, Rightmove has predicted that the beginning of 2023 will see a shift and it will become a buyers’ market, as the housing market looks to return to pre-pandemic levels.
Tim Bannister, Director of Property Science at Rightmove, says: “Our data suggests that there are many ready-to-go movers out there waiting for what they feel to be the right time to enter the market in 2023.”
He adds: “After two and a half years of frenetic activity, it’s easy to forget that having multiple bidders immediately lining up to buy your home was the exception rather than the norm in pre-pandemic years, and there will be a period of re-adjustment for home-movers as properties take longer to find the right buyer.”
With houses being viewed online up by 11%, it appears as though many are watching the housing market closely and are preparing to enter it1 and sellers can feel reassured that there will be a number of new buyers readily available as we move into 2023.
Chris added: “As the market shifts in favour of the buyer, and with mortgage rates predicted to improve, it is vital sellers utilise established agents, not only to take their advice on the best pricing and marketing strategy, but with the skills and experience of negotiating in challenging markets to ensure you are getting the best price for your property.”
Finally, Chris noted: “Whilst we are seeing an adjustment in the market, some industry experts are still predicting cumulative growth for house prices over the next 5 years which means now is still a good time to buy or invest in property.”
Looking to buy or sell a home? Get in contact with the Mishon Mackay team today on 01273 416 732, or email our Sales Director, Chris Thew, at cthew@mishonmackay.com, or visit www.mishonmackay.com.
