Herefordshire Property Market Update July 2020

Hi, I’m Nathan from Jackson Property, here with my latest market update for July 2020 review

July was the second full month since the housing market reponed and its safe to say that the market has certainley been hit with a bang and it doesn't seem to be slowing. The property market has seen exceptional sales across the county, gaing 74% more sales than June 2020 and 54% more than July 2019.

Instructions were also up year on year and month on month, having 18% more instructions than the previos month and 22% more than July 2019

The main focus on change for July has to be the amount of price reductions, available properties and average views on the portals. Price reductions are significantly down - 32% year on year, however available properties and propety views are significantly up, showing the market is moving fast.

Our 2 local Branches of Hereford & Leominster acheived great numbers, with 36 properties hitting the market, achieving 37 sales in the HR1, HR2, HR3, HR4 and HR6 regions

Here are are the full stats and breakdown for the postcode sectors HR1, HR2, HR3, HR4 and HR6

So what's does this mean and whats going to happen?
The market is moving extremely fast, the higher priced properties are seeing unprecedented demand, along with the more reasonable priced homes and affordable homes flying off the shelves so to speak. The Chancellors change to Stamp Duty at the start of July has certainly had a big change in the timeframes in which people were looking to move, which would explain the increase in New Properties to the market and definitely the increase in property views and sales off the back of this.

Personally, I believe agents and clients need to keep an eye on the available properties in the county, although there are more properties available month on month change, there are less available than in the same period in 2019. This is what could be creating the multiple offers on properties, increased asking price to sale price ratio and the fast moving market.

Since the restrictions were eased in May for people to view houses, across the county our team have helped negotiate a staggering 99.3% of asking price to sale price across those sales.

Your agent should be doing all they can with marketing, especially video tours and sponsored social media adverts. To view our proeprty tours CLICK HERE

If you are struggling with your agent, then please give me a call and I will be happy to help and advise where I can.

I look forward to giving you an update on the August market in September 2020.

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