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Is The Sales Market Price Sensitive For Buyers

Posted on September 19, 2023 at 8:55 AM

Yes - according to the latest OTM Propert Price Index Report. OTM report aside from the traditional housing market seasonal slowdown, the backdrop of economic uncertainty, fuelled in part by 14 consecutive interest rate rises and higher of living and concerns, have amplified seasonal effects, resulting in a sharp decline in residential property transactions.

The data provided by OTM reveals that over a third – 38% – of properties sold subject to contract within 30 days of first being listed for sale in August. But this is down from 54% August last year when the market was much busier.

Seller sentiment was not as strong as buyer confidence last month, reflecting the shift in power toward the latter, but even so, 61% of vendors were confident that they would sell within the next three months in August compared to 63% in July.

There are regional variations, with confidence decreasing in the North West and South East to 65% and 55% respectively in August, compared to 72% and 62% in July, while rising in the East Midlands to 65% in August from 57% in July.

Locally we are finding the Chesterfield property market is still showing good buyer confidence, however it is very price sensitive and buyers are now taking their time on the all important decision and also on what to offer.

If you are looking to sell and want a realistic marketing appraisal, then please do call our office to arrange on 01246 275 559 / info@limeliving.co.uk


Is The Sales Market Price Sensitive For Buyers