Market Comment: Stephen Tetlow, Managing Director

Buyer demand still stands at nearly a third higher than it was in pre-pandemic conditions in 2019, and asking prices have increased for the fourth consecutive month in a row to a new record of £367,501, so what’s changed? For those of us who are closer to the frontline, there are very clear indications that the continual rise in asking prices is contributing to the signs of slowing demand.

Fresh property coming to the market is beginning to increase, encouraging higher supply to meet the demand. It will be interesting to see what impact this has on pricing.

Buyers will begin to have choice again, creating a more competitive seller’s market.

The competition between sellers may mean more competitive pricing to assist those with a need to sell quickly. Equally, the pricing advice provided by many agents may be more result driven, looking for a prompt sale.

It will also be very interesting to see whether the market conditions in May 2023 are as different as they were this time last year or in either 2019 or 2020. Is there a return to ‘normal’ housing market conditions on the horizon following the months of record price rises and exceptional outperformance of buyer demand vs supply? Time will tell.

For up-to-date guidance on the housing market in your local village and town, reach out to your local Mackenzie Smith team who will be happy to share their thoughts and advice.

Stephen Tetlow – Managing Director