Gravesend Homes Asking Prices Down 2%

Posted on: 9 September 2021

Gravesend Homes Asking Prices Down 2%

 

With Rightmove announcing a national drop of 0.3% in average asking prices in August, some are asking if the steam has been let out of the property market. Yet with the gains we have seen in the last 12 months, is this just a minor bump in the roadAlarm bells normally ring when new homeowners coming to the market for the first time are having to lowertheir initial asking price when compared to the market as whole.  

 

So, what is actually happening in the national and localproperty market to asking prices and the number of properties for sale, and where does that leave Gravesend homeowners and Gravesend landlords?

 

1 in 7.4 homes already on the market today have reduced

their asking price in the last two weeks

 

That means new sellers bringing their property to the market for the first time, are having to curtail their initial asking priceto remain competitive. Normally, this should ring alarm bells, particularly when this is the first time this has happened in 2021. Therefore, it’s vital to ‘look under the bonnet’ of the figures and see what, exactly, is happening locally

 

Average asking prices for Gravesend homes

are 2% down compared to July

 

However, that figure hides some interesting anomalies - the average asking price of Gravesend apartments/flats is 1% lower than in July (that doesn’t mean they have dropped in value by that much – just the headline asking prices) whilst terraced houses have seen the average asking price rise by 5% in the last month. 

 

So, if this is what is happening to Gravesend asking prices, what about the number of properties for sale. Looking nationally first

 

there are currently just 285,970 properties for sale in the UK, which means 1 in 67 British homeowners are presently on the market – interesting when compared to 2005, it was 1 in 13.5 homeowners on the market.

 

With such little supply of properties for sale nationally, demand remains robust. Yet the property buyers in the market are being a little more reserved with the offers they are making compared to the Stamp Duty holiday frenzy times seen earlier in the year. They will pay handsomely, and yet top dollar won’t offer the ‘crazy price’ levels some Gravesendbuyers were offering in the spring – hence the recent reduction in asking prices to a more realistic level.

 

Looking at the movement in the available properties for sale and to rent in Gravesend over the last few months, an interesting picture arises.

 

Number of Gravesend Properties on the Market

 

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Gravesend Properties for Sale

240

253

272

257

253

Gravesend Rental Properties Available

85

78

90

86

94

 

 

 

 

The number of Gravesend properties for sale (and rent) is still at record lows when compared to the 30-year long term average. 

 

The choice for Gravesend tenants is limited as wellas many tenants aren’t moving home. With the additional increase in demand from 1 in 10 Gravesend homeowners choosing to go into rented accommodation (albeit temporarily) Gravesendlandlords with exceptional properties are getting decent rents, as discussed in a recent article I wrote about the level of rents in Gravesend.

 

With the current level of Gravesend properties for sale being around 40% to 50% below the long-term average (depending on the type of Gravesend property you own), it means when a Gravesend property is properly priced, given the intensecompetition, often it comes down to the position of the buyer and not the price they are prepared to pay. 

When I say, “position of the buyer”, I mean, do they have a chain, do they have to sell their own property to buy another property?

 

Many Gravesend house sellers are selling their home before they buy. Selling before you buy can be a fruitful approach in a fast-moving property market. That does mean your own purchaser will have to demonstrate a certain amount of patience whilst you wait for the right home to come on to the housing market.  

 

However, because it is currently taking on average 19 weeks between sale agreed and exchange of contracts, with mortgage providers and solicitors taking their time due to the backlog, this often allows you to potentially play catch-up if it takes a couple weeks to find the right property for you

 

Many home sellers are going even further by selling their Gravesend home first and then going into transitional rented accommodation. This subsequently puts them in pole positionwhen their forever home comes up for sale as they have no chain. Although this takes a lot of determination and resilience, it does mean you will be in the very best position when the property of your dreams comes up.

 

The choice they say, as always, is yours!

 

If you would like a chat about the Gravesend property market and the best thing for you and your personal circumstances, do drop me a line. In the meantime, what are your thoughts on the current Gravesend property market? Do share in the comments.

Share:


Recent Articles

9 September 2021

Why Are More Gravesend Oap Homeowners Deciding Not To Move Home?

A recent report by Legal & General stated that  since the pandemic , many older homeowners had put their plans to move home   'on ice' . It said that f ewer  OAP  homeowners are planning to downsize  from their large family homes  after the...

9 September 2021

Gravesend Homes Asking Prices Down 2%

  With  Rightmove announc ing  a national drop of 0.3% in average asking prices in August,  some are asking if the steam has  been l et out of the property market. Y et with the gains we have seen in the last 12 months,  is this  just a ...

26 August 2021

Gravesend Homeowners Have Turned To The Rental Market To Cash In By £29,500 Each

Gravesend Homeowners Have Turned to the Rental Market to Cash In By £29,500 Each   Should you sell or should you buy in this most interesting Gravesend property market?   I have calculated that at least 84 Gravesend house sellers have rented a home to break their...

instant online valuation

Request an instant online valuation

Find out how much your property is worth