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Autumn 2023 Market Report: Remarkable Resilience

Posted on: Monday, September 11, 2023


Despite challenging economic conditions, the market remains resilient, in part due to motivated buyers still looking for correctly priced homes. Activity amongst fi rst-time buyers is holding up well.


Summer slowdown

July and August are typically slow months for selling properties. Summer holidays, outdoor activities and children off school mean that our thoughts are elsewhere. In August we have historically seen an average month-onmonth fall of 0.9% (Rightmove). This year the fi gure is higher at 1.9%, an indication of growing realism in the market and keen vendors pricing competitively to attract buyers. Despite the current softening in prices, average house prices in May were down just 2% on last September’s high and still over 20% above pre-pandemic levels (Zoopla).


Mortgages

In light of improving infl ation data and more positive forecasts for the UK economy, lenders have been cutting their fi xed mortgage rates. The quarterly growth rate of mortgages approved has improved from the start of the year, with lending  volumes 6.3% higher over the three months to the end of July than they were for the prior three months. Whilst current levels are higher than at the end of 2022 and early 2023, they are considerably lower than a year ago (Bank of England).


Demand

Demand continues to be supported by strong employment levels and record annual wage growth. Those serious about moving are still doing so, perhaps adjusting their budget to offset interest rate increases. The number of sales agreed is currently 15% lower than 2019 levels. However, the fi rst-time buyer sector is holding up better, down by 10% and likely
driven in part by high rents and lack of rental availability (Rightmove). Despite the economic conditions, transaction numbers have also been relatively resilient. There were 86,500 transactions in July on a seasonally adjusted basis, a modest 0.8% higher than in June, although down 16.3% on July 2022 (HMRC).

 

Lettings

Rental growth continues to rise. The average UK rent in August was £1,261, up 10.3% year-on year and 1.4% from last month (HomeLet). Demand is high, with void periods plunging to just nine days in July, down from 16 days in June (Goodlord). Renters are looking to remain in their properties longer, with the average length for an initial rental contract in Q2 at 12.7 months, up from 10.5 in the second quarter of 2019 (Dataloft Rental Market Analytics).

 

Regional Reports

Browse our Regional Market Reports:

● Market Report 2023 Autumn East Midlands 

● Market Report 2023 Autumn Essex, Norfolk and Suffolk

Market Report 2023 Autumn Hertfordshire,Bedfordshire and Cambridgeshire

● Market Report 2023 Autumn London

Market Report 2023 Autumn North East, and Yorkshire and The Humber

● Market Report 2023 Autumn Northern Ireland

● Market Report 2023 Autumn Scotland

Market Report 2023 Autumn Devon and Cornwall

Market Report 2023 Autumn Southern Home Counties

Market Report 2023 Autumn South East Home Counties

● Market Report 2023 Autumn Southern

● Market Report 2023 Autumn Thames Valley

● Market Report 2023 Autumn West of England

● Market Report 2023 Autumn West Midlands

● Market Report 2023 Autumn North West

Market Report 2023 Autumn Wales

 

Contact us today

To see a full copy of The Guild’s autumn market report and for further guidance on the home moving process, take a look at the regional property market updates or get in touch with your local Guild Member today.

 

 

What Our
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Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

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I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

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Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

"

I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

"

Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

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We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

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I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

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We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

"

What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

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Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
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