It's finally easier to buy a house in Sale — but not necessarily cheaper
If you have been looking to buy or sell a property in Sale M33 over the last couple of years, you probably know that the market’s been bonkers. Yes, that’s the official term (and one we’ve heard used by every single one of the local estate agents we've spoken to while researching our property features).
M33’s housing market has been reflective of a wider, UK trend: a significant increase in house prices, coupled with strong demand and supply issues has raised concerns over affordability, especially for first-time buyers.
However, over the last six months or so, the housing market in Sale has seen some changes, with more property prices being reduced compared to the previous three years.
Buyer’s or seller’s market?
Over the last three years, the housing market in M33 has very much been a seller’s one, due to the high demand and low supply of properties available for sale. With strong competition among buyers, sellers have consistently been able to achieve asking prices or even above-asking prices for their properties.
This was due to a number of factors, including low-interest rates, government incentives such as the stamp duty holiday and changing lifestyle needs due to the pandemic. These factors have led to a surge in demand for larger properties with outdoor space and home offices.
So is M33 still a seller’s market today? We spoke to Kimberley Neilson, sales manager at local estate agent The Property Man, to get the inside scoop.
“It’s very dependent on the property,” Kimberley said,
“Some properties are going on the market and within a couple of hours have a number of viewings booked in, while others might only achieve a viewing or two every week.
“This is mainly down to price point, obviously we had a bit of a bonkers time with the stamp duty holiday and buyer demand and as the market slows down now, it’s about making sure the price is right on properties. If the price is too high, it will obviously take longer to sell.
“Sellers are now having to make a mental shift – if they saw their neighbour achieve a higher price 12 months ago than their asking price, for example, they might be a bit confused. It’s natural, but it’s our job as agents to manage a seller’s expectations. Plus, buyer demand is still good, so sellers will have the opportunity to achieve the figure that their property is worth.”
Is now a good time to buy a property in Sale M33?
“It’s always a good time to buy,” according to Kimberley.
“Nobody knows what is going to happen to the market, even in the crazy market we’ve had, people still asked that question. Now those people are the ones who bought their homes at the peak of the market when mortgage rates were good.
“Fast forward 12 months and prices are calming down a little bit, so I’d say if you can afford to buy, it is a good time to buy. It all comes down to affordability, with mortgage rates much higher than they were 12 months ago.”
It feels like it’s harder to buy a house in Sale now, compared with a couple of years ago. But is that actually true?
From an affordability point of view, yes it is, unfortunately. The increase in property prices and mortgage rates has made it more difficult for potential buyers to get across the finish line in Sale. However, it’s not all bad news – there is no longer a lack of stock on the market in M33, as there was in 2021/22.
At the time of writing this article, for example, there were 191 properties up for sale on Rightmove in the M33 area. So, if you are looking to buy a property in Sale at the moment, some of the pressure that built up over the last two years is off (even if it doesn’t necessarily feel like it!)
Asking price or room for negotiation?
With the majority of properties achieving their asking price – and many beyond – in the last couple of years, buyers are wondering whether there’s any point in negotiating sale prices at the moment.
The good news is, it is probably worth a try. In March 2023, a total of 47 properties were reduced in price in M33 on Rightmove, versus just 16 reductions in March 2022. This suggests that some properties might not be being priced correctly in the first place, with sellers keen to achieve their highest price possible.
The good news for sellers
Houses are still selling in M33 – due to Sale’s excellent schools and fantastic transport connections, M33 isn’t as affected by a downturn in the property market as some other areas. After Sale was recently named one of the best places to live in UK, it’s also highly likely that more buyers will be looking in the area too.
The average house price in Sale M33 has increased by 14 per cent in the last year.
The good news for buyers
More stock is currently available in M33, compared with figures from 2020-2022.
There is some room for negotiation on property prices right now.
This isn’t 2008, the time of the last recession. Lenders are lending (albeit at a higher rate).
