Read our latest market report...

The UK's national weather service the Met Office says that autumn starts on the first day of September. There's no doubt that the nights start to draw in, the schools go back and the weather is getting even cooler than the summer we've just had!

Anyone who wants to move home will be putting the holidays behind them and getting down to business. The property market always naturally slows down in August but picks up again very quickly once people seriously start their searches.

So if you want to sell, now is the time to get on the market and make the most of all those potential buyers. If you're buying, there are plenty of reasons to be positive about finding the right place at the right price too.

Asking prices

Many news outlets use data from various banks and buildings societies when they report on property matters. In fact the best data comes from Rightmove, because they cover all levels of the market and aren't restricted to one set of mortgage customers.

According to their latest reports, in August average new seller asking prices fell by 1.9%, against a traditional annual dip in that month that is usually around the 1% mark.

Even so, average prices are still standing 19% up on the last 'normal' pre-pandemic market of August 2019.

Getting the asking price right at the start seems to be more important than ever right now. Rightmove's data also shows homes priced too highly initially and then having to be reduced later on take 66 days on average to find a buyer. That's in contrast to 27 days for those priced more realistically from the outset.

Cheaper mortgages

None of us can escape the effects of inflation and the highest Bank of England Base Rate since 2008 is quite rightly a big concern for anyone looking to buy a home.

Even so, there's actually quite a lot of positives around for anyone who wants to buy a home.

The fall in asking prices, together with increasing average earnings and a downward trend in mortgage rates all add up to a better picture for buyer affordability.

The average five-year fixed mortgage rate is now 5.81%, a real drop from the 6.08% that was on offer only a few weeks ago.

You might be surprised to hear it, but properties are still attracting multiple prospective buyers who are in competition with each other. So when you find the right property you still need to act quickly to make sure you secure it.

Rental sector

Average advertised rents across the UK have gone up by 12% year-on-year and by a huge 33% compared with the same time in the last 'normal' property market of 2019.

While tenant demand shows no signs of slowing down rents are likely to keep rising, which is good news for landlords.

Research carried out by BVA BDRC has found that 87% of landlords said rental prices were increasing in their local market. However, in Wales that figure was the highest across the whole of the UK, with 94% expecting further increases in rental yields.

We know what's going on in the North Wales property market because we cover a wide area across Denbighshire and Conwy through to Flintshire and everywhere in-between.

Whether you're thinking of selling, buying, letting or renting get in touch and we'll help you however we can. Call 01745 591811 or email rhuddlan@llestates.co.uk.