When reading a national newspaper with your morning cappuccino, you might think that the property market is in disarray. The statistics, however, tell a different story.
According to the UK House Price Index, property prices have been falling since the start of 2023. In February, the average house price in the UK fell for a third consecutive month, meaning that the price of a house was an average of £5,000 lower than it was in November 2022.
More good news followed with the publication of the Spectre 2023 Q1 Market Report in April, finding that reductions are up 36.59% compared to the Q1 5-year average. This is excellent news for buyers looking for a great value home.
Although we’ve seen a slight reduction in new listings (5.5%) in Q1 in 2023, this is nothing to be concerned about. For the past couple of years, the property market has grown exponentially and the slowdown at the start of this year can be seen as the market normalising and returning to a manageable baseline.
The south-west property market is stable
Regionally, the south-west property market is stable. In fact, the south-west was ranked third in terms of sales percentage in the UK in Q1 (4.82%), just 0.11% behind the East of England – the UK’s best-performing market.
Demand in the south-west and other areas of the UK is coupled with the fact that the appeal to live in London continues to lower, with people seeking to move further from the city in search of better value property.
In contrast to the south-west, Greater London saw a 2023 Q1 sales percentage of just 3.28%, illustrating this point.
House prices in the Cotswolds have been fairly stable since 2019, increasing in line with market projections. Data from the Land Registry indicates that the average price of a Cotswolds property was £375,846 in June 2019, increasing to £494,572 in February 2023.
As you are likely aware, this highlights that investing in a property in the Cotswolds is a viableoption for anyone looking to see property returns in the short, medium, or long term.
Demand for North Cotswolds properties remains strong
We have seen strong demand for Cotswold Stoneproperties since the start of 2023, in line with the stability of the south-west property market.
We recently sold (subject to contract guide) this stunning period coach house at the heart of Bourton-on-the-Water after a short time on the market.
Good news on the horizon?
With all the doom and gloom being projected for the property market by outsiders, the immediate future looks much more positive than the naysayers would have you believe.
We expect to see a slight dip in new property listings in Q2, but again, this is in line with expectations and isn’t anything to be concerned about.
We actually posit that now is the ideal time to think about moving – mortgage rates have deflated since the disastrous mini budget in 2022,and it’sa good time for mortgage-dependent buyers to reassess their priorities and consider what’s out there.
Looking for a property in the North Cotswolds?
If you’re keen to capitalise on the strength of the south-west property market, we can help you find your dream home in the Cotswolds. You can browse our listings online or pop into one of our branches, we’relocated in Bourton on the Water and Moreton in Marsh. Alternatively, call one of our friendly agents today to discuss your property needs.