Autumn has definitely arrived, bringing with it a flurry of motivated homebuyers and sellers who would like to get their home moving journey well underway before Christmas.
If you are considering putting your property on the market, then now is an excellent time. Many people think of autumn as a second New Year. The start of the academic year feels like a fresh start, leading to a jump in interest in the property market.
The average price of a house in the UK was £265,100 in September.
Let’s have a brief look at what’s been happening over the last month in the local property market around King's Lynn.
There are currently 46 properties available on the market in our area. This is an increase of 31.4% compared to the same month last year. In August ‘23, there were 45 properties available on the market in King's Lynn; in July, there were 35; and in June, there were 34 properties available on the market in our area. This is great news for buyers, as it means there is lots of choice.
There has been a steady flow of properties coming onto the market each month. In June, there were 11; in July, there were 6; in August, there were 18; and in September, there were 10.
In September, 6 sales were agreed in King's Lynn. In August, 9 sales were agreed; in July, 8 sales were agreed; and in June, 5 sales were agreed. The local market is remaining steady, despite the doom and gloom in the national media concerning the property market.
In June, we saw 7 price reductions across King's Lynn. In July, there were 3; in August, there were 7; and in September, there were 12. This slight increase in September is likely to be due to sellers wishing to draw attention to their properties during the autumn flurry. When properties are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months.
In June, there were 15 slow movers in King's Lynn. This is a property that has been on the market for 12 weeks or more. In July, there were 15; in August, there were 15; and in September, there were 23. The school summer holidays in August tend to have an effect on the property market as many people put their house hunting on hold during them, which is reflected in the spike in the number of slow movers in the area in September.
Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be one of the top agents in the area, with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans.
In February, each property in King's Lynn had an average of 47.6 daily views on Rightmove per property, which is a return to normal levels. In August, there were 88, and in July, there were 77.7. This is due to the influx of tourists into the area during those months who like to window shop. In June, there were 49.8 and in May, there were 59.7
If you’re looking for further information about the King's Lynn property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01553 670179 or email office@myhouseonline.co.uk.