Whose house price have you snooped on?

Whose house price have you snooped on?

Have you ever found yourself driving past a newly erected "For Sale" board on your street, piquing your curiosity to sneak a peek at your neighbours' property?

It's alright, no judgment here. You're not alone.  

In fact, a significant 59% of Brits have openly confessed to indulging in this very common habit: checking out the sale prices of their neighbours' homes.

But what's the motivation behind this widespread curiosity and why do us Brits have such  a keen interest in house prices? At its core, the primary driver is a desire for homeowners to gauge the value of their own property more accurately.

In a survey conducted by Zoopla, it was found, a significant 23% of respondents mentioned that their curiosity stemmed from a genuine interest in accurately assessing the worth of their own abode. Curiosity led 10% of participants to seek inspiration for potential renovations, while another 9% were on the lookout for interior design ideas. Furthermore, a segment of the population turns to house prices as a market barometer, with 8% considering the optimal timing to list their home for sale. 

Interestingly, a notable 18% simply express a curiosity to explore the interior of other homes, while 12% take a nostalgic trip by revisiting their previous residence to see its current state.

Now that we've explored the reasons behind our fascination with checking out house prices, let's delve into a comparative analysis of Harborne and Edgbaston's performance in Q3 of 2023 compared to the preceding quarter. 

This examination will provide us with valuable insights into the current market. In Q3, the average asking price of new properties entering the market saw a decrease of 0.98% in Harborne and a notable 5.65% in Edgbaston compared to Q2. Knight Frank recently revised their highly respected house price forecast, anticipating a 7% drop by year-end and an additional 4% decrease by the close of 2024. 

However, they foresee a market rebound after this correction phase, projecting a cumulative increase of 1.4% by the end of 2027. 

While this phase of price correction doesn't come as a surprise given the challenges the property market has faced in the past 12 months, media reports often exaggerate the situation, fueling fear and uncertainty among prospective homebuyers. 

Resultantly, many buyers are adopting a cautious approach, hesitant to make a move in this uncertain climate. 

Want further advise what this means for you and your home search, maybe the inside market view if you are looking to sell currently within Harborne or Edgbaston.

Reach out to andy@mchugohoomes.co.uk or 0121 5170251.