Navigating the Current Housing Market: Why Your Choice of Estate Agent Matters

In today's dynamic property landscape, choosing the right estate agent is more crucial than ever.

Whether you're entering the housing market for the first time or gearing up for another sale, having a knowledgeable professional by your side is essential. Not all agents operate equally, and partnering with an expert can make a significant difference in your property journey. 

The housing market is flooded with headlines, some of which are sensationalized and may generate unnecessary fear and uncertainty. For instance, a recent article in The Express highlighted potential doom in the industry, only to reveal that house prices rose 0.9% in October according to Nationwide.

Housing market headlines are everywhere!

Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalising of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it:

...then the next day headlines in same outlet:

These conflicting narratives can lead to confusion for consumers.

Further reports of continued housing market concerns are in contrast to the latest Halifax housing index of October which said property prices rose 1.1% in October to £281,974, which was also the biggest increase since February 2023 and bucked the trend toward weaker prices for much of this year.

It all underscores the importance of having a trusted expert who can sift through the noise and provide you with reliable, up-to-date information. As a seasoned estate agent in Harborne and Edgbaston, I can offer clarity on national trends and local nuances, separating fact from fiction.

Now, let's delve into some pertinent statistics:

• Sales Agreed Increase: October this year witnessed a remarkable 24.44% surge in sales agreed compared to October 2022.

• Average Asking Price Dynamics: Last October, the average asking price for sale-agreed properties was £303,321, with 100% typically achieved. This October, the average asking price rose to £320,230, with 95.8% of asking prices being realized, amounting to £306,780.34. This suggests that achieved sale prices are not significantly different from last year.

• Local Market Insights (B15 - Edgbaston, B17 - Harborne):

  • 55.71% of properties to market this year in B15/B17 have been marked as Subject to Contract (SSTC).
  • 48.16% of properties have undergone a price change

• Sales Agreed Growth: In B15/B17, sales agreed experienced a substantial 20.78% increase in October compared to the previous year.

• Average Asking Price: The average asking price for sale-agreed properties was £381,574, up from £362,572 last year. At the current rate of 95.8% of asking prices achieved, the projected sale price would be £365,547.89.

These statistics underline the resilience and vitality of the local housing market!

To navigate this complex landscape successfully, lean on an expert who can interpret data, provide context, and guide you toward informed decisions. If you seek sound advice and trusted information about the housing market, don't hesitate to reach out. Your property journey deserves the expertise that makes a potentially life-changing milestone a confident and exciting one.

Andy McHugo andy@mchugohomes.co.uk