Autumn 2023 Market Report: Remarkable Resilience

Despite challenging economic conditions, the market remains resilient, in part due to motivated buyers still looking for correctly priced homes. Activity amongst fi rst-time buyers is holding up well.
Summer slowdown
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-onmonth fall of 0.9% (Rightmove). This year the fi gure 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 infl ation data and more positive forecasts for the UK economy, lenders have been cutting their fi xed 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 than 2019 levels. However, the fi rst-time buyer sector is holding up better, down by 10% and likelydriven 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).

Lettings
Rental growth continues to rise. The average UK rent in August was £1,261, up 10.3% year-on year and 1.4% from last month (HomeLet). Demand is high, with void periods plunging to just nine days in July, down from 16 days in June (Goodlord). Renters are looking to remain in their properties longer, with the average length for an initial rental contract in Q2 at 12.7 months, up from 10.5 in the second quarter of 2019 (Dataloft Rental Market Analytics).

Regional Reports
Browse our Regional Market Reports:
● Market Report 2023 Autumn East Midlands
● Market Report 2023 Autumn Essex, Norfolk and Suffolk
● Market Report 2023 Autumn Hertfordshire,Bedfordshire and Cambridgeshire
● Market Report 2023 Autumn London
● Market Report 2023 Autumn North East, and Yorkshire and The Humber
● Market Report 2023 Autumn Northern Ireland
● Market Report 2023 Autumn Scotland
● Market Report 2023 Autumn Devon and Cornwall
● Market Report 2023 Autumn Southern Home Counties
● Market Report 2023 Autumn South East Home Counties
● Market Report 2023 Autumn Southern
● Market Report 2023 Autumn Thames Valley
● Market Report 2023 Autumn West of England
● Market Report 2023 Autumn West Midlands
● Market Report 2023 Autumn North West
● Market Report 2023 Autumn Wales

Contact us today
To see a full copy of The Guild’s autumn market report and for further guidance on the home moving process, take a look at the regional property market updates or get in touch with your local Guild Member today.

Financial Services

Contact a specialist from Aston & Co Financial Services for help with finding the right mortgage.

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Jodie Skinner

From the beginning, our experience with Michael and Rhys has been brilliant. Whenever we had a question to ask or needed some additional information, they were both just a phone call away and were always happy to provide us with an answer. As first time buyers, they made us feel ...

Sue Smith

We can’t fault Aston and co in Syston, for their handling of the sale of our property. We were kept up to date weekly and nothing was too much trouble. Both Micheal and Rhys were approachable and very professional. I would definitely recommend using them for an efficient and hassle ...

Andy

Having had issues with other agents, we came to Astons who gave us an honest appraisal of our house – not overpricing it like others to gain business. Michael and Rhys are a great partnership and Rhys being local was able to provide viewers with information that other agents hadn’t. ...

Andy Freer

Recently sold our house with Aston & Co. We honestly could not have asked for more. From the moment Michael came to value the house, to the day to day communication from Rhys we have not had to chase them once. Michael and Rhys are a great partnership and a ...

V Pears

We chose Aston & Co in Syston to handle the sale of our property. We were kept up to date regularly and Michael and Rhys dealt with all matters efficiently and quickly.We would definitely recommend using them for an efficient and hassle-free move.

Gareth Mueller

We bought a house from a vendor who used Astons & Co as their agent. Rhys was helpful and professional from start to finish and regularly kept us in the loop with how things were progressing. Communication was efficient and swift all the way through.

Julie Pearson

From the first visit to value our property to the final phone call informing us of completion Rhys and Michael at the Syston office have been brilliant, down to earth, realistic with valuation very easy to get in touch with.Making everything less stressful.Regular updates were very reassuring . I would ...

Charlotte Hings

The team at Astons are great. They’re really down to earth, take time to listen and help resolve anything they can for you.Their communication is excellent as they always keep you in the loop with what is happening with your sale. They keep both seller and purchaser happy.Fees are reasonable ...

Julie Perkins

We have recently used Aston & Co to sell our property. At all times we received regular reports from them on interest and following viewings . When our property sold Astons managed the chain keeping all parties fully informed and I believe that without their input our sale would have ...

Tina Poole

Michael and Rhys handled both our sale and purchases. They had good local knowledge, their valuation turned out to be on point. Our sale viewings were nearly all on the same day and we accepted an offer very quickly. We were kept up to date regularly with that and our ...

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