The leaves are falling, the clocks have gone back and children, still hyped-up on sugar from their Halloween trick or treating, are now looking forward to this weekend’s fireworks displays. November brings with it darker mornings and chillier nights and so comes thoughts of Christmas and the New Year. This inevitably focuses the minds of those who have been considering moving, as they consider whether their homes are too small or indeed too large for their needs.
The looming New Year sparks thoughts of new beginnings and new homes so, despite the doom and gloom in the papers, life continues. People still move home and the property market continues busily.
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 1166 properties available on the market in the area. The month prior there were 1071, with 937 in July, and 1041 in June. The high number of available properties is perhaps indicative of the heat having left the market as properties aren’t getting snapped up as fast as they were. Things have started to calm back down to normal levels and there is now more choice once again for buyers.
There is a steady number of properties coming onto the market each month. In July there were 329, in August 378, in September 355 and in October 364.
In October, 243 sales were agreed across Hull. In September that number was 279 and in August, 282 sales were agreed. The month before that 293 sales were agreed. The number of sales may have been reducing slightly each month but this is simply a sign that the market is returning to pre-pandemic levels of activity. The local facts are that there is still a high level of activity in the Hull property market.
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 price reductions in October. This could imply that some sellers’ or agents’ expectations of what the market is prepared to pay are not in line with reality.
In October, there were 362 slow movers in the Hull area. In September, there were 338 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. This could be due to the market returning to more normal levels but expectations still being at the peak levels. In August, there were 313 slow movers on the market and in July, there were 272.
Slow movers can often be 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. Iin August it was 88. In September, this number dropped to 80. In October it dropped slightly further to 61. These figures show there are still high levels of activity in the local Hull property market, which are likely to increase or at the very least, remain strong in the final quarter of the 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.