May Property Market Update
Just like that, we enter the spring market and the 5th month of the year for 2023! Wowza 👀.
So does May mean for the 100,000 people a month that will complete on their new homes?
🌻 Your May 2023: PROPERTY MARKET REVIEW 🏠
Typically after the kids go back to school from the Easter Break we see a spike in the amount of people looking to buy, and looking to sell.
👇So what does the data say?
➡️ There are 65% more properties for sale in the UK in comparison to the same time in 2022. More choice is you're planning to move home.
➡️ There are 16% more buyers active than at the same time in 2019 (pre-pandemic. 2022 stat in the video.
How about the rental market?
- 4% more tenants looking than in 2022.🏘
- Predicted to be 100,000 landlords hitting retirement age this year and also exiting the market (selling their buy to lets). 😟⚠️
Prices feel steady in the property market for now, and this comes after 2 months of minimal changes.
The UK average prices are now 1% less than in October 2022. Most of the South has seen around 19-23% growth in house prices since the pandemic.🦠
4️⃣ Key moving triggers so far in 2023:
- Retirement spike since the pandemic is creating downsizes and location changing sellers.
- On average people now work from home 2 days per week. This is still forcing moves as people look for more space.
- High rents are forcing First Time Buyers to dominate the sales property market. FTBs now take up 36% of all purchases in 2023 so far.
- Cost of living is keeping the market from a bigger spike in demand. Although it is not largely impacting sales prices. It is impacting transaction volume though.
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In this month's video, Andy Brown (Avocado Lettings Director) & Ian Macbeth (Co-Founder) share their thoughts on the property markets and some extra insightful stats too. It's just under 3mins and well worth a watch.
PS…
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