Yes, we all know that the general election has been announced for 4th July 2024. So, I am not going to go on about this too much but I think it is important to start by acknowledging that this news does have an affect on the property market, general elections always have. Buyers and sellers tend to change their focus from proactively looking to move now and instead start to consider which political party will come into power and how each party could affect them with buying and selling. We are likely to see a quieter market over the next few weeks until we know which party is in power. But don’t let this fool you into thinking you shouldn’t buy or sell now. A quieter market is the perfect time to strike… while others are distracted and before the mad panic to move in time for Christmas!
The housing market is still very price sensitive, so sellers should still consider their marketing price carefully before listing their property, as usually the first couple of weeks of a new property launch brings the most interest. You don’t want to damage the prospects of your sale by pricing your home incorrectly at the beginning of the process, especially as York’s asking prices are 0.2% down year-on-year currently!
The average time to find a buyer is now 60 days in York, although we are now only just below the national average of 62 days. Again, this shows the market is price sensitive as buyers are able to cherry pick the best priced properties quickly and leave others on the shelf.
The average time nationally for the legal work (Conveyancing) after agreeing an offer to the day you move is now 154 days! In York we are seeing around about 112 days but this is varying a lot depending on the solicitors’ workload and chains. The key to getting off to a good start is to ensure you have instructed a local and experienced solicitor prior to having an offer accepted then continuing to be proactive with completing and returning paperwork throughout.
Sellers may want to consider the length of time it takes to list, sell and move when they are looking at their next steps. Listing your property, for sale, at least 6 months in advance of any deadline you need to achieve will help keep stress levels as low as possible when planning a move. That means if you are looking to be in your new home for Christmas (Sorry!!) then you need to be getting your property on the market now.
Unfortunately, I am meeting more and more sellers who are missing out on properties so I will offer this advice again…. If you are thinking about moving then I would suggest getting your house on the market before you start to look, even if you haven’t seen anything you like yet. As long as you are open and honest about the fact you need to find an onward purchase so your agent can pass this information on to any potential buyers that they may need to wait a little longer, then this will put you in a better position to secure an onward purchase of your ideal home, once you have accepted an offer on your property. There is always someone one step ahead of you – you need to be THAT person who is ahead!
And finally, a little round-up from us…
Our team has grown again!!! We welcome Lisa to our team. Lisa is our new viewing assistant who is out and about meeting buyers on viewings so you might spot her driving around. Lisa has already sold stc her first property with us, congratulations Lisa!
We would like to wish all our former work placement students from Millthorpe School well with their GCSE’s. Over the coming weeks we have a few new year 10 work placement students coming into experience the world of estate agency from various schools.
You can also now hear us on YorkMix radio as we have sponsored the Pollen Count (See our blog for more details) and read about us in The Local Link Magazine. If you do spot us anywhere, please share on our socials as we would love to hear from you.
Enjoy the sunshine!
Speak Soon,
Emma
Written by Emma
Source Rightmove House Price Index May 2024
