For the second month running the average price of property coming to the market across the UK dropped. 

 

As previously reported the number of properties available to buy (or unsold) as we prefer to call them, remains at a high not seen since the last property crash of 2008. On the back of that it appears home sellers across the UK are slowly reacting and those keen to sell and move are pricing more realistically in an attempt to get moving. 

 

Here in Gloucester however, the average asking price actually increased slightly to £295,234. This compares to £373,709 as a UK average whilst Gloucestershire also increased slightly to £409,428. 

 

In July there was a total of 295 property price reductions across GL1, GL2, GL3 and GL4 as sellers looked to attract buyers. 

As has been the case for much of the year, sensible pricing remains key and where this approach is adopted, sellers can expect to see interest and receive offers. 

 

The average time taken to find a buyer here in Gloucester again reduced slightly and now stands at 45 days, retaining its place as one of the fastest selling of England’s largest 50 cities. 

There remains a significant amount of property available for sale and this figure remains approximately 11% higher than at this time last year across the UK. 

 

At the end of July, the number of properties available for sale across GL1, 2, 3 and 4 had reached 1100. Over a third of these were listed by just three agents in Gloucester so if you are considering selling you may wish to consider whether you want to become just another one of those unsold properties being stockpiled or if you want a more personal approach. 

 

619 properties had been on the market for over 8 weeks and 498 of those had been on the market for at least 12 weeks. 

Mortgage lenders have been actively cutting rates ahead of the Bank of England’s recent base rate cut on 7th August and others have done so since the latest rate decision. 

 

With a further base rate cut widely predicted it can be expected that mortgage rates will continue to fall slightly and for anyone looking to move home, buy their first home or need to re-mortgage in the next 6 months it is certainly worth speaking with an individual financial advisor and exploring your options early. 

Whilst there remains reasons to be optimistic it is important that sellers are realistic. We have mentioned before the dangers of over pricing when first advertising your property for sale and those dangers remain. 

 

Sellers should continue to be careful of agents who purposely inflate the value without any justification and then tie you to lengthy contract so choose to market at a price you are willing to accept and choose an agent that you believe will negotiate the best price for you. 

 

For buyers there is plenty of choice. If you are struggling to find something then consider expanding your search area a little further or your budget a little higher. The ideal property may be slightly further away than you had previously been looking or may be a slightly higher price but if it has been on the market for a long time then an offer may well be considered.