Gloucester Property Market Update – October 2023
Posted on 27th October 2023 at 15:35
The market is certainly very price sensitive currently, and properties that receive interest in the first couple of days are 60% more likely to sell than those that wait 2 weeks. Gloucester properties are currently taking on average 47 days to sell, which makes it the 6th fastest city of the largest 50 cities in the UK, excluding London. Those that have read our blogs regularly will remember the average during the pandemic was 19 days and we were the fastest selling city for much of that period.
What is interesting is if we look at the volume of properties that have reduced in price and how long properties have been on the market.
Over the past 4 weeks, 268 properties in GL1, GL2, GL3 and GL4 have reduced in price, and this compares with 163 for the same period in 2022. Furthermore 553 properties have been on the market for over 8 weeks compared to 259 this time last year, 479 for over 10 weeks compared to 210 in 2022, and 422 have been on the market for over 12 weeks compared to 164 this time last year.
It is important to make sure that your pricing is sensible from the outset if you are to achieve a sale in good time, but this will almost certainly see you achieve a better price than if you have to wait for any prolonged period of time.
Encouragingly, 6 out of 10 properties that come to the market do have a sale agreed on them and actual enquiries per available property are 8% higher than for the same period in 2019 which was the last pre pandemic market.
The actual volume of sales is 17% down on this time last year although when we look at the figures in more detail the reason is due to a lower volume of properties coming to the market.
Over the past 4 weeks 280 properties have been advertised for sale and 214 sales have been agreed, which is 76%. In 2022 there were 362 properties listed for sale and 245 sales agreed, which is 67%.
Further encouragement is seen within the mortgage market, where for the 12th consecutive week the average fixed rate mortgage is lower than it was the week before, and it is widely reported that the mortgage guarantee scheme is going to be extended for a further 12 months when the chancellor makes his statement on 22nd November.
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