Market Report August 2023

With schools breaking up and holidays right on the agenda it's no surprise that the property market always tends to slow down at this time of the year.

Asking prices traditionally don't show either increases or falls. So the dip of 0.2% last month reported by Rightmove for the average valuation of new properties coming to market isn't much to make a fuss about.

In fact the overall picture across the UK's property market is one of stability right now. Much of that is due to the first half of 2023 seeing a better than expected performance in general. Last month average asking prices were 2.6% higher nationally than they were in January and across Wales they currently stand 1.9% up year on year.

So if there are no signs of a crash or even a real-term decline in the value of homes for sale why does the media keep making out that turmoil is just around the corner?

Inflation and Interest rates

Mortgage costs have been in the headlines recently and rightly so, but there's even some much needed good news for buyers here. Mortgage rates have actually just fallen for first time in two months after the latest inflation figures to be released were better than expected.

When you factor in that Rightmove's data for last month reveals demand from buyers is up by 3% on the same period in 2019 (the last 'normal' pre pandemic market snapshot), it's good news for anyone looking to sell too.

A shortage of property for sale - there are 12% fewer homes available across the UK than at this time in 2019 - and with the number of potential buyers rising, prices are holding up due to the age old laws of 'supply and demand'.

Regional matters

Of course national statistics don't always give a clear picture of what's going on at a more local level. For instance, while the rental sector seems to be going through something of an upheaval in general, across Wales Houses of Multiple Occupancy (HMOs) generate the highest yields in Britain right now.

With an average rental income of £29,100 it's a great time for anyone thinking of investing in a buy-to-let and our landlord services can make things exceptionally straightforward. Read more here: https://bit.ly/479Q6CX

Whether you're interesting in selling, buying, letting or renting local market conditions really come into play. This means it's essential to take the help and advice only an expert local estate agent can give you.

One of the top agents in the UK

We're proud to have just been awarded Gold status in the latest 'Best Estate Agency Guide' - a website for landlords and sellers to help them choose who to sell or let their property. This year more than 13.000 companies across the UK were assessed and 80% of them failed to meet the standards needed to be listed.

The in-depth assessment looks at each agency’s property marketing, customer service and results, including how quickly they sell or let and the percentage of price achieved compared with other agents in the same location.

Only the very best agents are then listed in The Best Estate Agent Guide –and we’re incredibly proud to be recognised for our dedication to providing the very highest levels of service.  

Community matters

On the subject of winning, we are thrilled to announce that Ysgol y Castell are the winners of our Computers for Schools competition!  The Rhuddlan students have won a brand new laptop for their school.

At LL Estates we believe in supporting our local community and so for every property we sell we make a donation to this fantastic cause. It's our way of giving back and investing in the future of education and supporting our local schools.

Ysgol y Castell, we hope this new laptop enhances the learning experience for your students. Huge congratulations to you on this well-deserved win. Enjoy your new laptop and keep up the amazing work!

Covering Denbighshire and Conwy through to Flintshire and everywhere in-between, we really know what's going on in our North Wales property market, so get in touch and we'll help you in any way we can - call 01745 591811 or email rhuddlan@llestates.co.uk.