Despite challenging economic conditions, the market remains resilient, in part due to motivated buyers still looking for correctly priced homes. Activity amongst first-time buyers is holding up well.
Summer Slowdown
As normal and expected:
July and August are typically slow months for selling properties. Summer holidays, outdoor activities and children off school mean that our thoughts are elsewhere. In August we have historically seen an average month-on-month fall of 0.9% (Rightmove). This year the figure is higher at 1.9%, an indication of growing realism in the market and keen vendors pricing competitively to attract buyers. Despite the current softening in prices, average house prices in May were down just 2% on last September’s high and still over 20% above pre-pandemic levels (Zoopla).
Mortgages
In light of improving inflation data and more positive forecasts for the UK economy, lenders have been cutting their fixed mortgage rates. The quarterly growth rate of mortgages approved has improved from the start of the year, with lending volumes 6.3% higher over the three months to the end of July than they were for the prior three months. Whilst current levels are higher than at the end of 2022 and early 2023, they are considerably lower than a year ago (Bank of England).
Demand
Demand continues to be supported by strong employment levels and record annual wage growth. Those serious about moving are still doing so, perhaps adjusting their budget to offset interest rate increases. The number of sales agreed is currently 15% lower nationally than 2019 levels. However, the first-time buyer sector is holding up better, down by 10% and likely driven in part by high rents and lack of rental availability (Rightmove).
Despite the economic conditions, transaction numbers have also been relatively resilient. There were 86,500 transactions in July on a seasonally adjusted basis, a modest 0.8% higher than in June, although down 16.3% on July 2022 (HMRC).
So, if you are thinking of selling or letting in Anglesey or Gwynedd and would like to know in more detail what’s happening in the local property market please contact us!
Williams & Goodwin The Property People are members of the Guild of Property Professionals, National Association of Estate Agents, Association of Residential Lettings Agents, National Association of Valuers and Auctioneers and are Chartered Valuation Surveyors we are members of a National Network of approximately 800 independently owned and operated Estate Agents.
Charlotte Roberts - Property Specialist, was allocated to support us with our house purchase. From the start of our journey in buying our chosen property, right through to the final signing of papers, Charlotte was there supporting and guiding us through all the way. Charlotte has been absolutely ...
Tim
Excellent service from beginning to end. We purchased our first home through Williams & Goodwin and Julia was amazing at ensuring that the whole process went smoothly. Great communication, friendly, polite and highly proactive in making sure that the conveyancing process went as smoothly as poss...
Ian Murdoch
Having never previously sold a property through the Auction Process at first I was very hesitant, but my fears were short lived. Vicki James from the Llangefni office was most professional in all areas including fully explaining the Auction process, formulating the guide / reserve price, keeping me ...
Phil T
Williams and Goodwin Holyhead to sell two properties. Found the service to be professional and friendly. The latest sale was handled by Charlotte who was extremely professional and committed in ensuring the sale completed. I will certainly use them again and would not hesitate in recommending them.
gary hughes
Very good and effective process with excellent communications. Would recommend without hesitation.
Don Brocklehurst
Excellent and professional service from Cai who found us exactly what we were looking for. Also thanks to office staff who helped with admin. Thanks.
anthony adams
mark jones
Very happy that we chose Willliams & Goodwin manage our long term let, Anton & team have been extremely professional throughout the process, even when things didn't go as they should with nightmare tenants. Also glad we took up there advice with Landlords insurance.
Ahmed Ali
I've rented the property through Williams and Goodwin, and I must say, the entire staff has been incredibly helpful and professional throughout my tenancy. Specifically, Mr. Anton stands out for his exceptional assistance with maintenance inquiries. Overall, a highly commendable experience with the ...
Julie Jones
Efficient, friendly staff, from the start we were kept up to date on progress of the sale of our property. We would highly recommend Williams & Goodwin Estate Agents and definitely use them again should the need arise.
