So, 2014 is well underway and January has just disappeared! But I have some stats and figures for you relating to the properties that we are selling and listing. So, here goes...
When I last posted, the average asking price of a property that we were marketing was £247,000. This has now risen to a tiny touch over £256,000 - a rise in asking prices of 3.6% in the last month.
So, sellers are clearly becoming more confident and, perhaps, even a little bullish about what they will ask for their house. And, to be fair, they should be; first time buyers registering with us are up by a whopping 44% compared to January 2013 with viewings arranged up by a massive 46%. So, there certainly seems to be increased activity out there.
Now, I see these sorts of figures around all the time. And, if viewings are up by 46%, then this sounds great. But you have to caveat that with working out how many more properties you have taken on compared to last year. Because if instructions are also 46% up, then there has been no 'real' increase in viewings.
We listed just 12% more instructions than last January. And we are not alone in a lack of stock - as widely reported, the market is suffering from a lack of stock and a severe lack of new properties coming to market. There is simply not enough supply for the demand that is currently out there. And, unless this changes, it means one thing: Property prices will continue to rise. And quickly.
January 2014 has also seen a 4.62% increase in sale agreed prices compared to January 2013, which compares favourably to the 2% increase in house prices that we saw in the whole of 2013.
And with properties now being sold at 98.2% of asking price, compared to 97.1% of asking price this time last year, it seems like a great time to sell! And it is...
We do often get potential customers tell us that they want to wait to find somewhere before they market their house, but just look at the stats above - this is definitely not the right way round - certainly not in this market. There are simply dozens of buyers for every property that comes on the market, so if you are not in a position to proceed, then it is likely that someone else who is offering, will be. Meaning that you could end up missing out.
I'll blog about that in the next few days, but in the meantime, thanks for reading and we'll post again soon.