Reading between the lines

Sales prices

Following a small dip after a peak of £273,751 in August 2022, average sales prices still remain 13.5% above January 2021.

Moderation

The property market today is in a different place than it was a year, three years, 10 years or even 25 years ago. The circumstances at these points all differed but the market has constantly evolved and repeatedly proven to be a sound investment decision for those looking to the long term. While sales prices have fallen 4.8% since their peak last summer, the sensationalist headlines often omit the fact that they remain 13.5% higher than in January 2021 (Nationwide).

A survey of over 10,000 home movers conducted last year found that over 60% of sellers had lived in their property for more than seven years (Property Academy). Analysis of historic data since the 1950s by Nationwide shows that only during the mid-1990s was 7-year nominal UK property price growth in negative territory. Prices are calmly moderating from the peaks witnessed last summer and experienced agents have witnessed the ebb and flow of markets before and are well placed to guide buyers and sellers through the months ahead.

pursuit of flexibility and maximum choice.

Buyers respond

Volatility in the mortgage market is clearly making headlines and is undoubtedly unnerving for many in fixed-priced deals due to end over the coming months. However, we are finding that buyer demand continues to track above available supply across our Lomond network. Prospective buyers are serious and keen to move. There will always be sellers who need or want to sell and buyers who need or want to buy, creating natural movement in the market.

Buyers are continuing to seek financial advice, with many re-negotiating mortgage offers during the conveyancing period to ensure their mortgage deal is as suitable as possible. They are altering their budgets, search locations or desired property specifications to reflect their financial position.

SALES

41

Instructions per branch March 2023 – May 2023

28

March 2022 – May 2022

238

Applicants per branch March 2023 – May 2023

192

March 2022 – May 2022

18

Exchanges per branch March 2023 – May 2023

19

March 2022 – May 2022

90

Market metrics Current at 4 July 2023

Mortgage approvals May 2023

Change since Feb 2023