The Market Is Crashing – Isn’t it?
October 6th, 2022
CHRISTCHURCH WEEKLY PROPERTY MARKET UPDATE
That’s what someone said to me this morning at a networking meeting – this has now replaced the usual greeting of “What’s the market doing these days?”
Nobody knows that is going to happen in the next week, month, year or decade but one things we know is that the economy works in cycles and every ten years or so we have a blip and the market drops a little, then recovers – only to increase later.
How much of a blip have we had in the last week?
Here are the stats for the BH23 area in the last week:
- 55 new properties listed (an increase of 10 in the last week)
- 5 of these new instructions have sold already (an increase of 1)
- 19 price reductions (an increase of 3 from last week)
- 434 total properties for sale
- 687 properties under offer/sold
Total properties for sale in BH23 area today stands at 434 with another 687 properties sale agreed, this means that out of a total of 1121 properties on the market in the Christchurch BH23 area – around 60% are sale agreed. This is what I would expect it be.
So, is the market crashing?
There is no sign of that happening, the numbers are similar (if not better) than last week and we have not seen a massive number of property sales falling through or lack of buyer confidence.
Speaking with mortgage advisors this morning, I was told that the biggest number of calls have been from people who want to remortgage or are coming up for remortgage soon and would like to lock in a rate asap.
Whilst lenders pulled around 1000 mortgage deals last week, most have now returned to the market with new deals (albeit at a slightly higher rate) with some still finalising new offers in the coming days.
What I think we will see in the coming months is a ‘softening of prices’ – reductions in asking prices and an edging down of house prices over a period of 6/12 months whilst the global market conditions resolve themselves.
Its important at this time to get PROPER ADVICE if you have questions about the property market, your mortgage, or finances in general.
If you are concerned about your mortgage payments or remortgaging, then you should speak with an expert – don’t rely on the internet for advice, speak to an expert advisor.
I can refer you to someone if you need advice, I do not take commission from advisors so there is no ulterior motive here.
If you are thinking of moving and don’t know if this is the right time, please give me a call to talk it through. We can look into whether a move is right for you or even if it’s feasible at all.
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