We're certainly noticing a change in activity; with an increase in home sellers contacting us because their house sale through an estate agent has fallen through.
November & December 2023 Property Auctions Update
What's happening in the property market?
We're certainly noticing a change in activity; with an increase in home sellers contacting us because their house sale has fallen through. It's not the fault of the estate agent, but typically due to prospective buyers getting cold feet, or not being able to obtain the mortgage they had hoped for.
Official data from the Nationwide House Price Index shows a dip in house prices and mortgage approvals - the sharpest drop in 14 years. The property market appears to have stalled in the second half of 2023.
Sources: Nationwide and BBC
The increase in property prices over the past few years appear to have reached their peak around this time last year, in August 2022. Prices began to cool-off after the September 2022 mini-budget and the steep increase in interest rates in the months that followed.
There's no question of a slowdown in the housing market, with Nationwide commenting that "headwinds to the housing market look set to strengthen in the near term".
Thinking of selling your house at auction? Any type of property can be sold at auction, whether in good or poor condition. Call 0800 862 0206 for your free auction sale price estimate, or request a quick quote online.
Next steps
Contact us to find out if your property is suitable for auction. Request a free pre-auction appraisal or feel free to call us on 0800 862 0206 - we'll be happy to help.
