Are MK45 property prices falling?
Read our property market update for July 2023, I have shared the local trends from my insider knowledge to bring to you the latest news on the MK45 property market.
Contrary to what people might think, the property market in MK45 isn't as bad as it might seem. Sure, there are concerns about rising mortgage rates, but using the latest figures available, we'll see, even with the recent interest rate rises more properties entered the market and more sold in May '23 compared to May '22. even with the recent interest rate rises we are seeing similar levels of properties sold in June to selling in June '22..
To give you a better understanding, take a look at the MK45 market trend graph below. It shows the number of sales (highlighted in red), properties listed for sale (shown in green), and properties with reduced prices (displayed in grey).
You might wonder if the increasing number of price reductions means that property prices are falling. However, things aren't as dire as they may appear. Property prices all over the country are adjusting to economic changes, and MK45 is no exception. Thankfully, our favorable location helps cushion the impact on property values.
The increase in properties with reduced prices can be attributed to unrealistic initial prices set by some sellers based on inflated valuations and inadequate advice from certain estate agents. One local estate agent, for instance, reduced the prices of 39% of the properties they marketed this year, which is a more than the number of properties they sold during the same period.
In conclusion, the local property market in MK45 is holding up well. There's a consistent stream of properties entering the market, and buyers continue to show strong demand. However, it's now more important than ever to set the right price for your property. When you're thinking about selling, make sure to do your own research looking at similar properties particularly ones that have sold, have a realistic understanding of pricing, and avoid falling for unsupported promises of significantly higher prices.
If you need honest advice on the local property market or accurate property valuations, reach out to me, Stuart Scott, at Love Homes. With over 25 years of experience selling properties, I'm committed to providing reliable guidance to local homeowners who are considering selling their properties. You can contact me on 01525 713111.