November 2023 Monthly Market Report for North Cotswolds

Twinkling lights are appearing everywhere and there is a chill in the air. Christmas is definitely on its way! We expect there to be a flurry of activity in the coming months as the drop in inflation boosts the mortgage market. Several mortgage lenders have already cut their rates in recent weeks.

 

House prices rose in the UK for the third consecutive month. According to the Nationwide House Price Index house prices grew 0.2 per cent between October and November which is an excellent sign that the property market is starting to stabilise and return to normal.

 

The Boxing Day Boom is on its way. Last Boxing Day visits to Rightmove rose by 54% compared to the previous week. There were over 51 million visits between Boxing Day and the first working day of the new year. If you would like to make sure that your property is market ready in time to take advantage of this please do get in touch. We’re now booking into the new year and have availability for a couple more clients.

 

Before we turn our full attention to the festivities of the season let’s take a moment to take a look at what’s been happening in the property market around the North Cotswolds during November.

There are currently 1152 properties available on the market in our area. In November, there were 1136; in October, there were 1152 properties available on the market in our area; in September, there were 1119; in August, there were 1122 properties available in our area; in July, there were 1085; and in June, there were 1112 properties available. This is great news for buyers as it means there is a lot of choice.

 

There are a steady number of properties coming onto the market each month. In November 170 properties came onto the market; In October, 213; in September, 235; in August, 264; in July, 212; and in June, 280 properties came onto the market. This steady flow of properties onto the market means buyers are better able to find properties that match their preferences, budget, and specific requirements.

In November, the number of sales agreed was 161. This is an increase of 28.8% compared to the same month last year when only 125 sales were agreed. The property market around the North Cotswolds is buzzing. In October, the number of sales agreed was 140. In September, there were 151 sales agreed; in August, 144; in July, 156; and in June, the number of sales agreed was 184. We expect the local market to get even busier as we speed towards 2024.

The doom-mongers in the national media have been proven wrong, and many buyers are no longer fearful of a major collapse in house prices. Instead, home buying decisions hinge on the financial ability and willingness of people to take on 4-5% mortgage rates. Real income growth is at last starting to appear, and this will support people’s desire to move home.

 

In June, we saw 162 price reductions across the North Cotswolds property market. In July, there were 151; in August, there were 166; in September, there were 183; in October, there were 160; and in November there were only 117. This is an excellent sign that the local property market is now returning to normal levels of activity.

It is worth remembering that when properties are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months.

 

In November, there were 634 slow movers in the North Cotswolds area. This is a property that has been on the market for 12 weeks or more. In October, there were 570; in September, there were 546; in August, there were 570; in July, there were 494; in June, there were 465; and in May, there were 423 slow movers.

 

Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans.

 

In June, each property in the North Cotswolds area had an average of 69.7 daily views on Rightmove. In July, there were 65.2; in August, 67.9; and in September, 65.5. In October, the number of daily views on Rightmove for properties in our area was 61.7 and in November there were 59.6. There is a consistently high level of activity in the local property market, and we expect it to get even busier as we enter 2024. If you are considering selling your property in the North Cotswolds, now is an excellent time.

 

If you’re looking for further information about the North Cotswolds property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01608 695252 or email hello@distinctpropertyconsultants.co.uk

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