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Autumn 2023 Market Report: Remarkable Resilience

Posted on: Monday, September 11, 2023

Despite challenging economic conditions, the market remains resilient, in part due to motivated buyers still looking for correctly priced homes. Activity amongst fi rst-time buyers is holding up well.


Summer slowdown

July and August are typically slow months for selling properties. Summer holidays, outdoor activities and children off school mean that our thoughts are elsewhere. In August we have historically seen an average month-onmonth fall of 0.9% (Rightmove). This year the fi gure is higher at 1.9%, an indication of growing realism in the market and keen vendors pricing competitively to attract buyers. Despite the current softening in prices, average house prices in May were down just 2% on last September’s high and still over 20% above pre-pandemic levels (Zoopla).


Mortgages

In light of improving infl ation data and more positive forecasts for the UK economy, lenders have been cutting their fi xed mortgage rates. The quarterly growth rate of mortgages approved has improved from the start of the year, with lending  volumes 6.3% higher over the three months to the end of July than they were for the prior three months. Whilst current levels are higher than at the end of 2022 and early 2023, they are considerably lower than a year ago (Bank of England).


Demand

Demand continues to be supported by strong employment levels and record annual wage growth. Those serious about moving are still doing so, perhaps adjusting their budget to offset interest rate increases. The number of sales agreed is currently 15% lower than 2019 levels. However, the fi rst-time buyer sector is holding up better, down by 10% and likely
driven in part by high rents and lack of rental availability (Rightmove). Despite the economic conditions, transaction numbers have also been relatively resilient. There were 86,500 transactions in July on a seasonally adjusted basis, a modest 0.8% higher than in June, although down 16.3% on July 2022 (HMRC).

 

Lettings

Rental growth continues to rise. The average UK rent in August was £1,261, up 10.3% year-on year and 1.4% from last month (HomeLet). Demand is high, with void periods plunging to just nine days in July, down from 16 days in June (Goodlord). Renters are looking to remain in their properties longer, with the average length for an initial rental contract in Q2 at 12.7 months, up from 10.5 in the second quarter of 2019 (Dataloft Rental Market Analytics).

 

Regional Reports

Browse our Regional Market Reports:

● Market Report 2023 Autumn East Midlands 

● Market Report 2023 Autumn Essex, Norfolk and Suffolk

● Market Report 2023 Autumn Hertfordshire,Bedfordshire and Cambridgeshire

● Market Report 2023 Autumn London

● Market Report 2023 Autumn North East, and Yorkshire and The Humber

● Market Report 2023 Autumn Northern Ireland

● Market Report 2023 Autumn Scotland

● Market Report 2023 Autumn Devon and Cornwall

● Market Report 2023 Autumn Southern Home Counties

● Market Report 2023 Autumn South East Home Counties

● Market Report 2023 Autumn Southern

● Market Report 2023 Autumn Thames Valley

● Market Report 2023 Autumn West of England

● Market Report 2023 Autumn West Midlands

● Market Report 2023 Autumn North West

● Market Report 2023 Autumn Wales

 

Contact us today

To see a full copy of The Guild’s autumn market report and for further guidance on the home moving process, take a look at the regional property market updates or get in touch with your local Guild Member today.

 

 

Read What Our
Customers Say

"

We really wanted a purchase to go ahead through Wilkes-Green and Hill as you have been the most helpful agent we have ever come across (including Newcastle, Glasgow and Carlisle cities!) and we are sorry that the time you have expended on us has been in vain...

"

Thanks to you all for making the sale of Mum's house so easy at a difficult time for myself and family...

"

I've bought and sold many places - leading to a low opinion of estate agents! Until you came along! Many thanks for your professionalism, hard work and continued efforts. They are very much appreciated.

"

Thanks for all your hard work and brilliant service!

"

It's not very often that you come across someone so helpful and enthusiastic that it makes you smile!!Moving house was supposed to be stressful; thanks for making it so easy!! Your professionalism and hard work is much appreciated.

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You have handled the situation admirably, as have your staff...

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I would like to say again how grateful I am for all of your support since you took the property on to your books and all of the advice you have given me which was often above and beyond the call of duty. Your professionalism throughout has been excellent...

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A very big thank you to all of you for really fantastic service...definitely 5-star!

"

...for your attention to detail and always returning my calls...

"

...we would like to thank you, Gayle, Amanda and Tracy for all your help and kindness over the last 5 years, which has helped us tremendously. We also appreciate that you have gone the extra mile in several circumstances knowing that we were so far away...

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Having recently used 3 other agents I can say with hesitation that WGH are in a different league, very professional, efficient, polite and friendly. 3 other agents have marketed my house which only achieved 2 viewings in total. I had 2 viewings with WGH in the first week which I put down to their marketing skills

"

WG-H couldn't have been more helpful, queries were answered immediately by professional courteous staff , and they even offered to turn the heating up in our holiday house when the weather was particularly cold. Gayle would ring us during an evening to respond to our query , if required and Amanda even paid a cheque into our bank account. What a lovely company to work with.

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Adrian and his team have been amazing from start to finish. Very polished team, with the highest standards. I have recommended them to friends and family who have also been impressed by them.

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