Property News & Market Updates

As August draws to a close, I thought it was a good time to take a look at what we've seen in the property market over the summer and, perhaps more importantly, what September might bring.

August is traditionally a quieter month for the property market, and this year has certainly felt that way.

With the school holidays in full swing, many families are away, while others understandably don't want to spend their summer viewing houses with the children in tow. There are still buyers looking, but there tends to be less urgency and fewer people ready to make a decision.

A price-sensitive market

The wider market remains price-sensitive, although there are some encouraging signs.

Nationwide's latest figures show UK house prices increased by 0.2% in August, leaving prices 1.6% higher than a year ago. However, overall market activity remains relatively subdued.

Locally, the picture is mixed, which is exactly why looking at the individual property rather than simply relying on a headline figure is so important.

In Cheddar, the average sold price over the last year is currently around £354,000, with prices approximately 2% lower than the previous year. Detached properties have averaged around £467,000, compared with around £299,000 for semi-detached properties and £222,000 for terraced homes.

In Axbridge, the average sold price is currently around £370,000. Recent data shows a stronger year-on-year position, although Axbridge has a much smaller number of transactions than a larger town, so individual sales can have a significant effect on the figures.

For sellers, I think the message is fairly straightforward:

Pricing correctly from the outset matters.

Buyers have plenty of choice and are taking their time. A well-presented property at a realistic price is much more likely to attract attention than one which starts too ambitiously and then relies on price reductions later.