It is no surprise that many people are looking at the housing market, and wondering if prices will continue to rise. When you consider the economic pressures and challenges households face, there is some belief that price growth will peter out soon.
Zoopla’s most recent House Price Index indicated that 5% of property listed for sale had their asking price scaled downwards by at least 5% in the past month. This is the biggest adjustment since pre-pandemic times.
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The report stated; “Re-pricing is a seasonal trend as we enter autumn, however, given the economic backdrop and factors including rising energy prices and rising interest rates - we believe this is a clear sign of a return to more of a buyer’s market after 2 years of a red-hot seller’s market. For sellers, this means there is more of an impetus to shift their mindset when it comes to asking price, and consider local market dynamics more closely as well as the potential types of buyers for their property in the local area.”
Zoopla believes more price adjustments will follow, saying; “We do not believe that this is a precursor for big price falls but an indication that the rate of price growth will start to slow more rapidly in the fourth quarter and into 2023 as buyers react to the rising cost of borrowing.”
Richard Donnell, executive director at Zoopla, said: “Measures of housing market activity have been very resilient over the summer. A surge in home values over the pandemic and the rise of mortgage rates means we face a sizable hit to household buying power over the rest of 2022 and into 2023. While the recent changes to Stamp Duty are welcome, supporting activity in regional markets and the first-time buyer market in southern England, the increase in mortgage rates will erode much of the gains. Homeowners that want to sell their home this year need to price realistically and seek the advice of an agent on local market trends.”
When it comes to valuing your home, it's important to know what factors estate agents take into consideration. After all, an accurate valuation report is crucial if you're planning on selling your property.
Location, Location, Location
One of the most important factors that estate agents take into account when valuing a home is its location. If your property is situated in a desirable area, then it's likely to be worth more than a comparable property in a less sought-after area. This is because people are often willing to pay more for properties that are located in desirable areas.
Another factor that can affect your property's value is its proximity to local amenities and transport links. If your home is close to schools, shops, and restaurants, then it's likely to be worth more than a comparable property located further away from these amenities. The same goes for transport links; if your property is located near good transport links, then it's likely to be worth more than a property located in a remote area.
The Size and Condition of Your Property
Another important factor that estate agents take into account when valuing a home is its size. Generally speaking, the larger the property, the more it's likely to be worth. This is because people are often willing to pay more for properties that offer more space.
The condition of your property is also an important factor to consider. If your property is in good condition, then it's likely to be worth more than a comparable property that needs some work doing to it. This is because buyers are often put off by properties that need repairs or renovations.
Recent Sales in Your Area
When valuing a home, estate agents will also take into account recent sales in the local area. This helps them to get an idea of how much similar properties have sold for recently, which gives them a better idea of how much your property is likely to be worth.
Contact Anthony Jones for all Wynyard property matters
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
