December 2022 Market Report for Lanarkshire
The Christmas holidays and the dawning of the new year often bring changes to many. The realisation that their home is no longer right for them, wanting to move for a better lifestyle, family breakdowns or new additions.
It can be a great time of year to sell your property because those house-hunting in January tend to be serious about their move. The Spring Rush can bring many more "would be nice to move" situations whereas people now are more likely in the "have to move" camp.
Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire.
There are currently 568 properties available on the market in the area. The month prior there were 620, 687 in October, 707 in September and 681 in August. Things have now calmed back down to normal levels for the first time since the beginning of 2021 and there is now more choice once again for buyers.
The number of properties that came onto the market in December, 153, was noticeably lower than during previous months. This was to be expected as December is usually the least popular month for sellers to put their properties on the market due to festive commitments. Prior to December there were a steady number of properties coming onto the market each month. In August there were 369, in September 376, in October 299 and in November 219. This explains the high number of available properties as there are lots to choose from.
In December 135 sales were agreed. In November there were 265, in October there were 271, in September there were 355 and in August there were 364. The noticeable drop in December is normal and is not indicative of a long-term dip in the local property market. It is reflective of the effect of this time of year on buyers' priorities. The local facts are that there is still a high level of activity in the local property market and we expect the first quarter of 2023 to be as busy as normal.
In August we saw 51 price reductions across the Lanarkshire property market as a whole. There were 44 price reductions in September, 54 in October and 81 in November. It fell to 30 in December which was likely to be caused by sellers waiting for the market to pick up again after the normal lull in December rather than choosing to reduce the price of their property.
In December there were 182 slow movers in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. This could be due to a combination of the market returning to more normal levels but expectations still being at the peak levels and the effects of Christmas festivities on buyers' priorities. In October there were 90, in September there were 81 and in August, there were 71.
Slow movers can often be due to the 3 Ps - presentation, promotion, or price. We are proud to be in the top 5 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans.
In August, each property in the Lanarkshire area had average daily views on Rightmove per property of 221. This is the average of the top ten agents in the area. In September this dropped to 186, in October it was 149 and in November it settled down to 129.2. In December it dropped to 76.5. This is highly typical for this time of year with commitments over the festive period taking precedence over house hunting for many buyers. The levels of activity in the local Lanarkshire property market are expected to return to their normal high levels in the first quarter of this year.
Average daily views per property on Rightmove for properties listed by Lanarkshire Law were 83.4 in December which was 9% higher than average. We are pleased to be consistent in achieving higher than the average again for our clients. It shows the difference your estate agent can make when it comes to attracting the right buyer to your property.
If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email email@example.com.