Welcome to the monthly Property Market Update from Harrisons Homes.

We're now firmly into the busy autumn season and anyone who wants to be in their new home by Christmas will be seriously considering putting offers in. It's not too late to sell either!

With the recent Bank of England decision to keep interest rates on hold after 14 consecutive increases, the positive effects are already being felt when it comes to mortgage affordability. That's just part of the good news as the market rebounds from its usual summer slowdown.

Let's go into a little more detail...

The latest benchmark data from Rightmove shows that average new seller asking prices increased in September by 0.4%. Buyer enquiries were at a similar level to the pre-pandemic norm, overall just 1% down on the same month in 2019. However, the first-time-buyer sector saw enquiries actually go up by 1% even in a slow summer market.

These UK-wide figures give a good snapshot of the health of the market in general, although of course it's the local conditions that really matter when it comes to marketing your own property. Demand varies considerably across the country which is why taking the advice of a reputable multi-award-winning local estate agent gives you the best chance to find a buyer in the coming months.

Sales are being agreed for properties that are priced correctly and Rightmove reports that these are selling five days faster than at this time in 2019. In more good news for everyone, the number of fall throughs is currently going down too.

Rightmove's latest data also reveals that 36.3% of properties currently for sale have had a price reduction. Although this might sound drastic, the five-year pre-pandemic average for at least one price reduction is 31.2%, so it's really not a signifier of a market collapse of any kind.

What it does mean is that more sellers are taking the advice of estate agents to price competitively in order to attract buyers.

There is also more choice as the number of new properties coming to market across the country was up by 12% in the first week of September. If you're looking for a 'top of the ladder' property, new listings of high end homes went up by 24%.

The most welcome news for anyone looking to buy a home is that average five-year fixed rates across all loan-to-value ratios are now 5.67%, down from 6.11% at their peak back in July. The reaction to the BoE interest rate hold means that even better deals are becoming available and are expected to continue to do so in the coming weeks.

Have a look at our properties here

Choosing an estate agent to help you sell your home can seem a daunting prospect. It doesn't need to be!

We are proud members of NAEA Propertymark which promotes the highest standards in residential sales. We offer an exceptional level of personal service because whatever you need and whatever your situation we'll personalise our services for you.

We do that by listening, learning and then working hard for our clients.

Our office in Sittingbourne is a welcoming change from the traditional estate agent that used to be more like a trip to the dentist! Instead of a set of desks we have a relaxed lounge area where we can sit down together, make you a cup of tea or coffee and chat about what you want to do.

So talk to us, we'd love to help. Call on 01795 474848, email hello@harrisonshomes.co.uk or pop into to 2 West Street in Sittingbourne if you're in the area. Then we can have that chat face to face, get to know each other and take it from there.

All the best

Chris & the Harrisons Homes team