Why there may be good news for St Neots Homebuyers and Landlords
The market for homes in St Neots is beginning to return to long-term averages, with 89% more homes available on the market than a year ago.
Increased Availability of Homes in St Neots
- 89% more homes on the market than last year
- Greater choice for buyers reduces pressure on house prices
- Average UK estate agency has 25 homes for sale, highest since December 2021
It's good news for both homebuyers and landlords in the area, as the increased availability of properties will reduce the pressure on house prices and create a more balanced housing market. The average UK estate agency currently has 25 homes for sale, the highest level since December 2021.
However, the data for St Neots tells a slightly different story, with 141% more detached homes, 235% more semi-detached homes, and 56% more terraced or town houses available compared to December 2021. The number of apartments available has only increased by 8%.
- 141% more detached homes
- 235% more semi-detached homes
- 56% more terraced or town houses
- 8% more apartments
Impact on House Prices
- Low levels of properties for sale in early spring 2022 led to higher prices
- Value of properties with sale agreements in early spring 2022 was 16% higher than in spring 2021
- As number of properties available to buyers increases, market will become more balanced
This increase in properties for sale has been seen across the British Isles, and it is important because it decreases the pressure on house prices. In the early spring of 2022, there were relatively low levels of properties for sale, resulting in a seller's market and higher prices for buyers. The value of properties with sale agreements in the early spring of 2022 was 16% higher than those with sale agreements in the spring of 2021. As the number of properties available to buyers increases, the market will become more balanced. However, it is important for sellers to price their properties appropriately considering the current impact of rising interest rates on buyer purchasing power.
Considerations for Buyers and Sellers
- Rising interest rates impact buyer purchasing power
- House prices in St Neots not expected to crash in 2023, but will likely be lower than in 2022
- For those buying and selling in the same market, changes in house prices do not matter as much
- Waiting for prices to drop may not be cost-effective due to increasing mortgage payments
While house prices in St Neots are not expected to crash in 2023, they will likely be lower than in 2022. For those buying and selling in the same market, changes in house prices do not matter as much. However, for those considering waiting for prices to drop, the increase in mortgage payments due to rising interest rates may offset any savings made on the purchase price.
Indicator of Market Health
- Number of properties for sale at UK estate agencies currently at 25, compared to 36 in 2018/2019 and 49 long-term average
- Number of properties for sale in St Neots returning to levels seen in 2017 and 2018
The number of properties for sale is a good indicator of the state of the market. Currently, the average number of properties for sale at UK estate agencies is 25, compared to 36 in 2018/2019 and the long-term average of 49. In St Neots, the number of properties for sale has returned to levels seen in 2017 and 2018.
Overall, the market for homes in St Neots is returning to a more balanced state, with increased availability of properties for sale and lower pressure on house prices. It is important for both buyers and sellers to consider the impact of rising interest rates and to price properties appropriately.
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