In May and June this year, there was a small dip in the asking prices of properties for sale in Wellingborough. This is usually expected during this period as people are away on holiday and/or are enjoying the summer weather.
Since this dip, the average asking price has risen for four consecutive months, reaching it’s current high of £271,923, 4.4% higher than the ‘mini-dip’ in June and 21.6% higher than in January 2021.
According to Rightmove, of the 670 properties that have been listed for sale in Wellingborough, 371 (over 55%) of them are listed as sold, demonstrating that there is still buyer demand. However, the number of vendors that have reduced their asking prices has also increased in the same four months that that average asking prices for the whole market have been rising.
Why Would This Be?
With changes in government, cost of living, energy price uncertainty, interest rate rises and inflation, people are reaching the limits of their affordability meaning that what they once could afford is now just out of reach.
My feeling is that we will see more price reductions in the coming months and an overall fall in asking prices (NOT actual house prices) as the market readjusts itself what is happening in the wider world.
I’ll keep you updated as much as possible over the coming weeks and months as new data and information is released.
In May and June this year, there was a small dip in the asking prices of properties for sale in Wellingborough. This is usually expected during this period as people are away on holiday and/or are enjoying the summer weather.
Since this dip, the average asking price has risen for four consecutive months, reaching it’s current high of £271,923, 4.4% higher than the ‘mini-dip’ in June and 21.6% higher than in January 2021.
According to Rightmove, of the 670 properties that have been listed for sale in Wellingborough, 371 (over 55%) of them are listed as sold, demonstrating that there is still buyer demand. However, the number of vendors that have reduced their asking prices has also increased in the same four months that that average asking prices for the whole market have been rising.
Why Would This Be?
With changes in government, cost of living, energy price uncertainty, interest rate rises and inflation, people are reaching the limits of their affordability meaning that what they once could afford is now just out of reach.
My feeling is that we will see more price reductions in the coming months and an overall fall in asking prices (NOT actual house prices) as the market readjusts itself what is happening in the wider world.
I’ll keep you updated as much as possible over the coming weeks and months as new data and information is released.
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