The Christmas holidays and the dawning of the new year often bring changes to many. The realisation that their home is no longer right for them, wanting to move for a better lifestyle, family breakdowns or new additions.
Those house-hunting in January tend to be serious about their move. The Spring Rush can bring many more “would be nice to move” situations whereas people now are more likely in the “have to move” camp. It can be a great time of year to sell your property because of this.
With that in mind let’s have a brief look at what’s been happening over the last month in the local property market around Hull.
There are currently 1120 properties available on the market in the area. The month prior there were 1137, with 1166 in October, 1071 in September and 937 in August. The number of available properties locally has increased by 7% since August 2022. This is good news for buyers and is indicative of the move from a sellers’ to a buyers’ market during this time. Things have now calmed back down to normal levels for the first time since the beginning of 2021 and there is now more choice once again for buyers.
The number of properties that came onto the market in December, 200, was noticeably lower than during previous months. This was to be expected as December is usually the least popular month for sellers to put their properties on the market due to festive commitments. Prior to December there were a steady number of properties coming onto the market each month. In August there were 378, in September 355, in October 364 and in November 264. We expect the number of properties available in January to return to these levels.
In December 142 sales were agreed across Hull. In November that number was 221 and In October that number was 243. In September it was 279 and in August, 282 sales were agreed. The number of sales has been reducing slightly each month between August and November but only by a variance of 13%. This is a sign that the market is returning to normal after the post-pandemic frenzy. The noticeable drop in December is normal and is not indicative of a long-term dip in the local property market. It is reflective of the effect of this time of year on buyers’ priorities. The local facts are that there is still a high level of activity in the Hull property market and we expect the first quarter of 2023 to be as busy as normal.
There were 90 price reductions in July across Hull. In August, this number was 100 and in September it jumped to 148. It settled back down to 126 in October but rose again slightly to 152 in November. It fell to 77 in December which was likely to be caused by sellers waiting for the market to pick up again after the normal lull in December rather than choosing to reduce the price of their property.
In December there were 467 slow movers in the Hull area. This means a property that has been on the market for 12 weeks or more and isn’t currently under offer. In November there were 418, in October, there were 362 and in September, there were 338. Slow movers are likely to have been caused by the market returning to more normal levels but expectations remaining at the peak levels. In August, there were 313 slow movers on the market and in July, there were 272. There was a 72% increase in the number of slow movers in the Hull area between July and December.
Slow movers are nearly always due to the 3 Ps – presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans.
In July, each property in the Hull area had average daily views on Rightmove per property of 81. In August it was 88. In September, this number dropped to 80. In October it dropped slightly further to 61. In November it fell to 53 and in December dropped again to 45. This is highly typical for this time of year with commitments over the festive period taking precedence over house hunting for many buyers. The levels of activity in the local Hull property market are expected to return to their normal high levels in the first quarter of this year.
If you’re looking for further information about the Hull property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01482 216060 or email firstname.lastname@example.org.