Behind August’s property market headlines


Behind August’s property market headlines

Posted on Friday, September 1, 2023

In such a fast-paced market, keeping an eye on must-know industry trends, updates, and opinions is no mean feat. But having a finger on the pulse can be make or break when it comes to streamlining the buying or selling experience. Luckily, our team of dedicated professionals are here to help remove the headache.

Catch our quickfire round-up of August’s top headlines, below…

Prices continue to rise and completion times fall on exchanged properties

According to residential property data specialists TwentyEA, exchanged property prices have risen by an average of 3.8% over the course of the last year, and 22% since 2019 – a compound annual growth rate (CAGR) of 4% per annum. Further, asking prices at original instruction have increased approximately 2.8% in the last year and 24% since 2019 — a CAGR of 4.4% per annum.

Buyer demand therefore remains strong, despite the backdrop of high inflation and rising interest rates. Plus, with the volume of ‘fall throughs’ also down 6% since March this year, and ‘time to exchange’ on a downward trend too, it’s a positive sign for the market overall.

Mortgage rate reductions reflect better lending choices for borrowers

Earlier this year, the Bank of England announced further hikes to interest rates in response to inflation. With a typical two-year deal sitting at 6.66% according to Moneyfacts, the changes saw figures reach their highest level since 2008 — not only having a direct impact on affordability, but reducing the pool of people seeking mortgages too. That’s why two of the ‘big six’ lenders slashing rates was such a welcomed update, for both buyers and sellers.

Nationwide Building Society announced cuts of up to 0.4% on its fixed rate mortgage products for home movers, and up to 0.15% for those remortgaging, as well as reductions of up to 35% for first-time buyers. Meanwhile, Santander has reduced rates on residential fixed rate mortgage products by up to 0.2%, and launched a new range of first-time buyer products — offering rates from 5.41% plus £500 cashback.

Here at Holmfirth estate agents, Applegate Properties, our independent mortgage advisor, Samuel Bull, is perfectly placed to guide you through the market’s best options. Please don’t hesitate to get in touch or visit us in branch to start the conversation.

How proptech is supercharging estate agent productivity

AI has the power to completely revolutionise estate agency operations — empowering employees with the tools to streamline communication and increase the pace of sales progression, ultimately boosting the customer experience from start to finish.

And, just days after introducing a new generative feature to ‘revolutionise’ manual processes, shines as an excellent example of AI’s impact. According to the proptech provider, it has generated more than 2,800 emails and written or summarised in the region of 1,200 property descriptions since launch week earlier this month — freeing approximately 743 hours of agent time for more revenue generating tasks.

Didn’t catch our commentary on EPC deadlines for landlords, growth in auction sales, and more from July? Read our previous entry, here.

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