September 2022 Property Market Report

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.The children are all settled back at school and the changing weather leaves us in no doubt that Autumn is definitely here. September is always a month of new beginnings.  With Christmas just around the corner many people start to think about whether their home still works for their family. The rising interest rates may be causing pause for thought but life continues, despite the rising cost of living and people will always need to move home; sometimes because of, and sometimes in spite of, the financial climate. 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 707 properties available on the market in the area. The month prior there were 681, with 573 in July, and 557 in June. The increasing numbers of available properties is perhaps indicative of the heat having left the market as properties aren't getting snapped up as fast as they were. Things are started to calm back down to normal levels and there is now more choice once again for buyers.

There are also more properties coming onto the market each month. In June there were 345, July 348, in August 369 and in September 376. This could explain the higher number of available properties as there were more to choose from.

In September 355 sales were agreed, in August there were 364, in July 289 sales were agreed and in June 317 sales were agreed. As more properties come to the market, more sales are happening. Although the media has been talking about the market cooling, the local facts are that there is still a lot of activity.

There were 26 price reductions in June and in July we saw 30 price reductions across the Lanarkshire property market as a whole.

 In August, this number jumped up to 51. There were 44 price reductions in September. This could imply that some sellers' or agents' expectations of what the market is prepared to pay are not in line with the reality.

In September there were 81 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 the market returning to more normal levels but expectations still being at the peak levels. In August, there were 71 slow movers. In July, there were 49 slow movers on the market and in June, there were 53.

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 June, each property in the Lanarkshire area had average daily views on Rightmove per property of 223. In July this figure was 189. In August, this number jumped back up to 221 and in September it has settled back to 186 . This shows the high levels of activity in the local Lanarkshire property market, which are likely to increase or at the very least, remain strong in the final quarter of the year.

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 sales@lanarkshireestateagents.co.uk.