Regional Property Market Update Autumn 2023: Essex, Norfolk and Suffolk

Remarkable Resilience
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.
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).
 

At 1.1%, annual property price growth in the East of England has moderated from 5.5% at the start of the year. However, it remains in positive territory. Price growth is currently strongest in Rochford, South Norfolk and Uttlesford.
The supply of properties is constrained, with the number of available properties 10% lower than the same time in 2019, in part preventing more significant price falls so far this year (Rightmove). Homes are selling more quickly, with the average time to secure a buyer standing at 55 days compared to 61 days in 2019 (Rightmove).
With 6.5% of homes for sale seeing cuts of over 5% to asking prices, a level that is 60% above the five-year average (Zoopla), buyers are becoming more price sensitive and the importance of pricing right the first time is paramount. Realistically priced homes are still seeing multiple prospective buyers.

The sales market is proving resilient despite high mortgage rates and cost-of-living pressures. Average asking prices across the UK in Q2 2023 are higher than Q1, and up by 24% on 2019, with the gap between initial asking and exchanged prices similar to pre-pandemic levels (TwentyCi). The market has shifted in favour of buyers, with 70% of agents surveyed saying it is a buyer’s market and just 3% saying sellers are more in control (Dataloft Inform Poll of Subscribers).
Inlightofhighermortgageratesand highlivingcosts,salesvolumeshave takenahit,withsomepeopledelaying moving or looking for smaller, more affordable homes. This means there continues to be different patterns across different parts of the market and different property types. There was stronger performance in more affordable markets such as Scotland and the North West, compared with moreexpensiveareassuchasLondon and the South East.
 

 
Contact us
Sell your property with your local expert this autumn. Contact your local Guild Member today.
 

Financial Services

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

Read What Our
Customers Say

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 ...

How Much is Your Property Worth?

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation.

PROPERTY SEARCH