What is the sales market doing.......
Now the stamp duty rush has ended, is the sales market struggling?
The first quarter of 2025 has been an extremely busy period for the sales market, with a surge in property transactions as buyers and sellers aimed to complete before the stamp duty changes on 1st of April. However, since then, the market has certainly shown signs of stabilising, with demand returning to what could be described as "normal" levels.
According to The Halifax, new mortgage applications are slowing, but whilst a 1.0% decline in the average house price was reported throughout March, prices remain on average approximately £50,000 above pre-pandemic levels, indicating resilience in the market.
This aligns with our experience of demand levels and transactions during early April, and despite global economic uncertainties, there remains a steady level of buyer interest. We have seen a number of price reductions in our local area recently, however, this is largely due to a price correction of a number of over priced property, not necessarily that the market is falling.
We can only share our experience of the local market as we see it, and as of today, Gibson Honey are placing numerous properties under offer and we continue to see motivated buyers actively viewing homes. If you are currently on the market and you are not experiencing this, then it could be that your price is just not at the correct level for this "normal" market.
If you are currently selling your house and having no success or thinking of selling your home soon, please do call us on 01895 677766 to get an accurate valuation of your home taking into account the change in the market.