Your May Property Market Update

Your May 2023: PROPERTY MARKET REVIEW

Just like that, we enter the spring market and the 5th month of the year for 2023! Wowza 👀.

So does May mean for the 100,000 people a month that will complete on their new homes?

Read on and let's find out…

Typically after the kids go back to school from the Easter Break we see a spike in the amount of people looking to buy, and looking to sell.

So what does the data say?

There are 65% more properties for sale in the UK in comparison to the same time in 2022. More choice is you're planning to move home.
There are 16% more buyers active than at the same time in 2019 (pre-pandemic. 2022 stat in the video.

How about the rental market?

4% more tenants looking than in 2022.
Predicted to be 100,000 landlords hitting retirement age this year and also exiting the market (selling their buy to lets).
Prices feel steady in the property market for now, and this comes after 2 months of minimal changes.
The UK average prices are now 1% less than in October 2022. Most of the South has seen around 19-23% growth in house prices since the pandemic.

Key moving triggers so far in 2023:

Retirement spike since the pandemic is creating downsizes and location changing sellers.
On average people now work from home 2 days per week. This is still forcing moves as people look for more space.
High rents are forcing First Time Buyers to dominate the sales property market. FTBs now take up 36% of all purchases in 2023 so far.
Cost of living is keeping the market from a bigger spike in demand. Although it is not largely impacting sales prices. It is impacting transaction volume though.

In this month's video, Andy Brown (Avocado Lettings Director) & Ian Macbeth (Co-Founder) share their thoughts on the property markets and some extra insightful stats too. It's just under 3mins and well worth a watch.

Click here to book a valuation with your local avocado property business owner