THE AVERAGE
Homeowners looking to shift a sale are likely to price more competitively next year, while mortgage rates are expected to remain "elevated" but will come down from the highs seen this year, the group said.
A year ago,
Prices are currently 1.3 per cent lower year-on-year and could fall further. The level of price reductions has accelerated during the year, as sellers have lowered prices to entice buyers.
However, the average time for a seller to find a buyer has jumped from 45 days this time last year to 66 days now, with those sellers who have been competitive on price able to find a buyer more quickly.
According to the latest reading from
Nationwide
"However, the better than anticipated activity this year has shown that many buyers are still getting on with satisfying their housing needs, and there is considerable opportunity for sellers and their agents to attract these buyers with the right pricing and marketing strategy."
He added: "This underlying level of good demand at the right price makes it unlikely that we will see a more significant drop in prices next year."
He explained: "Such a modest change is unlikely to have much bearing on buyers' intentions one way or the other. Certainly, we have seen over the last month or two activity has remained fairly consistent despite rocketing interest and inflation rates."
(c) 2023 City A.M., source