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Your Summer Property Market Update 🔔📈
Welcome to our RedRoots Summer Roundup. Whether you are thinking about moving, considering a remortgage, or simply want to understand what is going on in the property market, this update is for you.
There is no doubt that the market has been busy this summer. But more importantly, it is been steady, functional, and full of opportunity for those who are well informed.
Let us break down what has been happening and what it means for you.
📈 A Market That Is Still Moving
Since the property market reopened after the pandemic, the average UK home has gained around £55,800 in value. Over one million homes have increased by 50 percent or more, and 8 in 10 have seen at least a 5 percent uplift in just five years.
Forecasts from Savills predict a 1 percent rise in house prices this year and an overall increase of 24.5 percent by 2029. That paints a positive long term picture for homeowners and investors alike.
🏠 More Sellers, More Listings, More Competition
This summer saw the strongest number of new property listings in five years. Seller confidence is clearly growing. But with more homes on the market, we are also seeing more competition.
➡️ Sales agreed are up almost 7 percent compared to this time last year.
➡️ The average time to sell has stretched to 80 days.
➡️ Price reductions have spiked for the third consecutive month.
In short, buyers are still out there, but they are price aware and selective. If a home is not priced realistically, it risks sitting on the market for longer.
👉To read more about how RedRoots stats compare to the local average in your area click here!👈
💷 Buyers Are Ready and Mortgage Confidence Is Growing
It has been encouraging to see mortgage approvals rising, up 7 percent compared to a year ago. Lenders are becoming more flexible too.
Nationwide is offering up to six times income to first time buyers through its Helping Hand scheme
Yorkshire Building Society has reduced its income thresholds for higher loan to value products.
The average mortgage rate has dropped to 4.52 percent for both two and five year fixed deals.
Even before any expected rate cuts, buyers are preparing and acting. That shows real confidence returning.
🔍 The Big Picture: Balanced and Sensible
This is not a boom. It is a steady market that rewards fair pricing and good presentation.
Mortgage affordability is improving.
➡️ There is more choice for buyers.
➡️ Lenders are creating more accessible products.
➡️ First time buyers are gradually returning.
At RedRoots, we are seeing continued demand for well located family homes in Wakefield, Doncaster, and surrounding areas. The key to success right now is aligning your price with buyer expectations.
🎯 Our Advice at RedRoots
For sellers: Be realistic. The days of overinflated post pandemic pricing are gone. Motivated buyers will respond to well priced homes that stand out for the right reasons.
For buyers: This is a good moment to make your move. With more listings and reduced urgency, there is room to find the right home without panic. And with rates softening, it may be smart to act before competition picks up again.
👋 Let Us Help You Plan What’s Next
If you are thinking about moving or simply want to understand how much your home is worth in today’s market, get in touch with the RedRoots team.
We are here to give straight talking advice that helps you make confident decisions.
➡️ Come and see us at the RedRoots Hub at Nostell Business Estate or send us a message anytime.
Let us move forward together.
