June 20, 2024

Property Market Update

Property Market Update

Thinking about buying a new home? Then you might be interested in reading some of the latest data from leading property portal Rightmove on how the property market is performing this summer. 

The Headline Statistics 

  • Sales agreed are currently six per cent higher than this time last year. 
  • The average asking price has remained the same this month with a zero per cent change across Yorkshire and The Humber and 0.7 per cent increase in the East Midlands. 
  • Affordability levels for first-time buyers are slowly increasing, with levels for two people buying together now well above the average asking price. 

What Buyers Need To Know 

Rightmove’s Director of Property Science, Tim Bannister said: “It’s always difficult to predict how home-movers will react to sudden uncertainty, but looking back through our data, we can see that during previous election campaigns, market activity has remained largely steady. This election has followed a similar pattern so far, and the responses from our poll of over 14,000 people also support the data, with the vast majority of respondents saying they will carry on with their home-moving plans. However, some potential sellers appear to be watching and waiting rather than taking action.” 

With fewer potential sellers putting their homes up for sale (up to a three per cent decrease at the top end of the market), new build homes are a more secure option for buyers who are ready to move. From properties perfect for first-time buyers to bungalows and larger family homes, there is a wide range of homes readily available to reserve, no matter what your criteria are. 

Although affordability is steadily increasing, it is still important to carefully consider your finances before searching for your perfect home. If you are a first-time buyer with a household income of under £80,000, then you may be interested in researching government schemes like First Homes which offers a 30% discount on properties up to £250,000. 

If you are ready to move but haven’t found the perfect home yet, click here to visit our current developments page and take a look at all of the properties we have available across South Yorkshire and Derbyshire. 

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