Herefordshire Property Market Update August 2020

The Herefordshire property market has certainly had a great 3 months, buyers and sellers alike will realise the challenges it has brought with properties selling before actively marketing and having to deal with multiple offers on houses.

Again there was an increase in yearly new instructions for the region, up 17% from 2019, however a sligh decrease from July 2020 of 11% down, does this mean that the pent up demand is slowing for people wanting/needing to move?

Sales were 60% above 2019, which is showing again that the demand for housing is very much at large, it simply isnt housing coming on and staying there. Monthly sales were down 17%, but again this could be that new properties were down and people not having as much of a choice and possibly holding out? Although we personally feel it was the summer holidays so this could have had an impact against July's results.

Price reductions were higher in August that July, although down 7% from last year. The media reporting the growth of house prices and demand could have tempted sellers to try a higher price once the market opened in May/June, so a few months and weeks on, if they were still on the market could be deciding to adjust, time will tell if this will have a big impact in sales for Spetember 2020.

Daily Views are still something that is flattering for the Herefordshire market. On average in August there were 81 views per day of a property on Rightmove, compared to 40 in August 2019. Admittadly we were in the midst of Summer Holidays abroad (A Novelty for most now), along with Brexit ongoings, but to be over double is astonishing. 

Again Availabe properties has seen a yearly and monthly decrease, showing that properties are selling rapidly and not being replenished.

Herefordshire is still seeing demand for the 'larger' houses with buyers coming from the larger cities to enjoy our countryside. Although the market as a whole is very buyont.

We are now looking to help more home buyers and have a shortage of property to sell. If you wanting to get moved before Christmas, now is the time to be putting your home up for sale. The next few weeks are crucial for this!

If you are thinking of moving, please get in touch. We can create a bespoke moving planning for you. All our appointments are carried out in the safest possible way and in line with Government guidance to ensure we are all COVID secure.

Thanks for reading.

Nathan Jackman-Smith
Director