Maldon Housing Market Update - June 2023
With the bank of England increasing the base rate to 5% last week, let's take a look at how this could affect the local market.
As we head towards the end of June 2023 its time to look back at what has been happening in the local housing market throughout the month.
Rising Interest Rates
The big headline story came last Thursday, when the bank of England raised their base rate by 0.5% to 5% - the highest it has been in nearly 15 years.
This rise will understandably raise questions with those still hoping to buy, or those Maldon homeowners that plan to re-mortgage soon as their current fixed rate mortgage comes to an end. For those in question, It is really important to get 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 if you would like us to arrange this with our local connections)
Market Activity - June - 2023
CM9 area comparison. June 2022 vs June 2023
(Data taken from Rightmove)
New listings
June 1-27 2022 - Total New House Listings - 61
June 1-27 2023 - Total New House Listings - 79
New listings are up 30% compared to the same time last year.
What does this tell us?
Stock levels continue to rise in 2023 and the number of houses that are for sale are more similar to pre-covid times. There is a better choice for those looking to buy.
Next, lets look at the number of property sales which have been agreed.
June 1 - 27 2022 -Total New Sales Agreed - 37
June 1 - 27 2023 - Total New Sales Agreed - 49
Sales are up 32% on the same time last year.
What does this tell us?
It is a positive sign to see that sales numbers are once again higher than the same time last year, however the rise in interest rates could affect sales numbers in the second half of 2023.
Finally, lets look at price reductions.
June 1 - 27 2022 - Total Price Reductions - 24
June 1 - 27 2023 - Total Price Reductions - 48
Price reductions are up 100% 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.