What Is The Chesterfield Housing Market Doing? 22nd July 2022

What is the market doing?

Managing Director of Wilkins Vardy, Dan Elliott, explains his thoughts.

Back in time

There is no doubt that buying a property in todays market is taking a little more consideration that a year ago. However, I don’t think that is such a bad thing.

If we turn the clocks back 12 months, house prices were growing at unprecedented rates and the lack of available property for sale, together with huge buyer demand meant there were far more buyers than property, which inevitably pushed up prices even higher.

Why was there so much demand to move last year? Covid conditions which meant peoples home and work conditions had changed and those people that were now working from home needed larger work spaces. Those that had small gardens wanted more space. The list goes on.

The Current Market

In the last year, we have had the war in Ukraine and rising inflation, which today hit 9.4%. The Bank of England Base rate has also climbed to 1.25%, meaning mortgage rates have followed.

But... the market is still moving, just not as fast as it was 12 months ago.

Here are some interesting numbers relating to the Chesterfield market: figures taken from Zoopla Pro of all Chesterfield agents who list on Zoopla

New properties brought to market in Chesterfield in the last 3 months – 900

New properties brought to market in the same period last year – 851

Sales agreed on properties in Chesterfield in the last 3 months – 611

Sales agreed on properties in Chesterfield in the same period last year – 691

*figures taken from Zoopla Pro of all Chesterfield agents who list on Zoopla

Stock That Sticks

As you will see from these numbers, the market is still very active, but a fall in agreed sales and an increase in available stock is placing some pressure on those properties which are either listed at slightly too much money, or that need too much work for the price.

Something that we have noticed in our office over the past 12 months that is adding to certain people’s frustrations is that the price of refurbishing a property has increased significantly, with good trades people also very difficult to pin down. Those properties needing work have therefore been hit slightly more hard than those that are fully modernised.

According to Zoopla, there were 144 properties in Chesterfield that had been on the market for sale for more than 8 weeks. We are proud to say we only have 12 of these, far less than our market competitors.

Going Forward

However, the market is telling us what it thinks and we should react accordingly. Our valuers are now taking these points into account with all new valuations.

In the last 3 months, Chesterfield agents reduced the price on 289 properties, as those sellers realised they need to react to a changing market.

We will be talking to our clients and offering advice on how the market is affecting them, and what are the best solutions. However, the vast majority of property that is valued correctly and presented at its best are still achieving great results.

Of the 79 sales we completed on over the last 3 months, we averaged £2,608 over asking price. Food for thought.

 

Thinking of moving? Get in touch to chat to a member of our team to see how we can help you. For more information on selling your house or arranging a valuation, give us a call on 01246 270123 or email info@wilkins-vardy.co.uk 

What Is The Chesterfield Housing Market Doing?