What’s happening in the property market – November

Traditionally new sellers coming to market in December lower their prices in a bid to get a quick sale. According to Rightmove, this is the first year where those prices will not be having much of a discount based on confidence in the market for 2016 and low interest rates.

Rightmove’s monthly house price index shows the average national asking price of property is £292,572 which is down just 0.13% from last month and up 6.2% since this time last year. They also report that views on Rightmove return to their peak on Boxing Day after the pre Christmas period.

Here in the East of England the average asking price was £315,568 – down by 0.3% since last month and up a huge 10.4% since this time last year. Locally the market is remaining confident and the popular sales include modern 3 and 4 bedroom family homes that are modern and ready to move into between the £200,000 to £300,000 price range.

Nationwide’s house price statistics for November show the average national selling price for September was £196,305 which was up 0.1% on the previous month with an annual change of 3.7%. There is a sustained confidence in the market with the problem being in supply rather than demand, making this a superb time to bring your property to market.

Chris Plummer Relationship Manager at Tortoise says locally in November Peterborough has seen 531 listings come into the sales market. During November, 304 sales were agreed in this area however the agencies working in and around Peterborough also reduced prices on 133 properties showing the need to price a property for sale correctly at its valuation. Currently at Tortoise we are achieving an agreed sale price of 99.04% of our asking price during 2015 which shows the accuracy and thorough research we complete prior to the valuations we attend.

The Help to Buy ISA started on the 1st December giving future buyers a much needed step onto the ladder. By the time they have achieved their optimum deposit in 4 years, there should be a greater supply of housing according to the government’s’ plans. Of course here in Peterborough there are plenty of areas in development over in the Hamptons and Cardea with a good selection of new builds from apartments to family homes.

To keep up to date with our latest properties, news and blogs, check out www.tortoiseproperty.co.uk or our Facebook Page: https://www.facebook.com/TortoiseProperty/ as well as our blog at  www.tortoiseproperty.co.uk/blog/.

If you are thinking of putting your property up for sale give us a call on 01733 592020 to see how our 12 week Marketing Plan can work for you. Our marketing plan includes up £400 worth of professional photography, up to £300 worth of social media advertising, £125 worth of premiums listings on Rightmove and a floor plan worth £75.