May Market Update
May Market Update
As we progress through the spring selling season, the property market continues to showcase promising growth. The latest data reveals that the average asking price for properties coming to market this month has reached a new record high of £375,131, driven primarily by high-end properties.
There has been a noticeable increase in activity compared to last year, with more buyers, sellers, and agreed sales. Specifically, the first four months of 2024 have seen a 12% rise in new sellers entering the market and a significant 17% increase in sales agreed compared to the same period in 2023. This momentum is encouraging for those looking to buy or sell property. However, one challenge remains: the average time between agreeing on a sale and completing the legal process currently stands at a lengthy 154 days (5 months).
In Worcester, asking prices have seen a modest change of 1.1% compared to last year. This stability indicates that while some areas may experience significant price shifts, others remain relatively steady, providing a varied landscape for potential buyers and sellers.
#WelcomeHome
Details above shared from Rightmove.
Image on the right: One of our happy clients getting their keys.
Chanelle Wakefield, Business Support Manager at FreeAgent247, Comments on the Market:
“We have seen an increase in the number of sales agreed in the last couple of months. While the completion time can impact those wanting to move quickly, it is possible to expedite the process. In some cases, we have achieved a turnaround in as little as 61 days compared to the 154-day average. Following this surge in sales, we are on the lookout for new business. The quick turnaround in properties means we are ready to take on more clients. If you’re thinking of selling, we would love to hear from you!
Want to find out more?
Office: 01905 905996
Mobile: 07486 031 975
hello@freeagent247.com
8 Basin Road, Diglis, Worcester, Worcestershire, WR5 3GA.
By appointment only.
