Maldon Housing Market Update - July 2023
With mortgage interest rates on the rise in July 2023, let's take a look at how this has affected the local Maldon housing market.
As we head towards the end of July 2023 its time to look back at what has been happening in the local housing market throughout the month.
Mortgage rate rises affecting the market
Following on from the Bank of England raising their base rate in June to 5% July saw lenders increase their fixed rate mortgage rates further putting more strain on those hoping to buy or re-mortgage.
That being said there have been some major lenders who have been reducing some of their fixed rate mortgages in the last week of July - is this a sign that fixed rates have peaked?
Anyone with questions regarding mortgage rates (whether you plan to buy a property or need to re-mortgage) should look at obtaining up to date mortgage advice.
A mortgage broker will be best placed to help you with any questions you may have (please let us know in the contact us box on this page if you would like us to arrange this with our local connections)
Market Activity - July - 2023
CM9 area comparison. July 2022 vs July 2023
(Data taken from Rightmove)
New listings
July 1-27 2022 - Total New House Listings - 71
July 1-27 2023 - Total New House Listings - 67
New listings are down 5% on the same time last year
What does this tell us?
New listings have been consistently higher in 2023 than 2022, and this is a change to this trend. That being said, the number of new listings in July 2023 is not dramatically different to July 2022.
Next, lets look at the number of property sales which have been agreed.
July 1 - 27 2022 -Total New Sales Agreed - 52
July 1 - 27 2023 - Total New Sales Agreed - 47
Sales are down 9% on the same time last year
What does this tell us?
After sales levels increasing (compared to 2022 numbers) July sees a slight drop vs the same time last year. This number shows us that whilst there are still buyers out there, we are in a slightly more difficult marketplace.
Finally, lets look at price reductions.
July 1 - 27 2022 - Total Price Reductions - 26
July 1 - 27 2023 - Total Price Reductions - 54
Price reductions are up 108% on the same time last year.
What does this tell us?
We have seen the number of price reductions increase throughout the whole of 2023 and these look set to continue in the current market. It is really important for any sellers in the current market to make sure their asking price is as competitive as possible, to give themselves the best chance to find a buyer.
If you are considering selling your home, or have your property for sale in the area with another agent, we would love to help you! Click here to see the different types of valuations that we offer, and pick the right one for you.
The senior staff at Holden Estate Agents have experience in all different housing markets and we would be delighted to help you with any questions, however big or small you may have.