What really happened in the PE4 Property Market in October?

Werrington, Gunthorpe, Walton & Paston
(Data taken from Rightmove 1/10/19 – 31/10/19)

Welcome to October's local housing market update
58 new properties hit the market for sale in PE4.  38 properties reduced in price, with one agent reducing 30% of their stock.  This is a concern, be careful of estate agents with over optimistic valuations.  So far, year to date, there have been 248 price reductions.

The property market is sending us mixed messages at the moment, and it's happening all over the UK.  Nationwide's figures confirm that we are not seeing or expecting any fireworks in the market over the next few months, or at least until the smoke from the political situation begins to clear.

On a positive note Gareth Lewis, commercial director of lender MT Finance, says: "First-time buyers are keen to get on the ladder and have a wide range of affordable mortgages to choose from.  Sentiment from them is positive; they feel now is a good a time as any to buy".

What sold and where?
In October 2019 45 properties sold.  This was evenly spread through PE4 5, PE4 6 and PE4 7 with 15 properties in each postcode sector.
This October showed that time on market has decreased by 12.9%, compared to October 2018. This number is surprising given that available properties on the market have only decreased by 2.15% compared to October 2018.
On the subject of time on the market, one particular well known online agent has had 70.6% of its stock in PE4 sat on the market for over 12 weeks!  Whilst their fee is cheap at the outset, the process can be costly and prolonged i.e. several price reductions and  difficult post sale communications.   Whilst you're saving money on an agents fee, you could be losing money in your pocket at the end of the transaction!