The latest property market news for Thorpe Bay, Southend-on-Sea, Essex, SS1 3
The property market is the market in which people buy and sell real estate, such as houses and apartments. This market is influenced by a variety of factors, including the state of the economy, population growth, and interest rates.
One of the most important factors that affects the property market is the state of the economy. When the economy is strong and people are feeling financially secure, they are more likely to buy houses and invest in real estate. On the other hand, when the economy is weak, people may be more hesitant to make such large purchases.
Population growth is another factor that can impact the property market. When the population of an area is growing, demand for housing may increase, leading to higher prices. Conversely, if the population is declining, there may be less demand for housing, which could result in lower prices.
Interest rates also play a role in the property market. When interest rates are low, it is less expensive for people to borrow money to buy a house. This can lead to an increase in demand for housing, which may drive up prices. Conversely, when interest rates are high, it may be more difficult for people to afford a mortgage, leading to a decrease in demand and lower prices.
Overall, the property market is complex and is influenced by a variety of factors. It is important for potential buyers and sellers to be aware of these factors and to do their research before making any decisions.
The Thorpe Bay market in numbers
It is fairly common for the property market to slow down during the lead-up to Christmas and this is proven within Rightmove statistics.
Also common throughout recent history is for Boxing Day to be the busiest day of the year when it comes to property views. Prospective buyers are spending less time at work, more time with friends and family, and are generally planning for the new year. On the same theme – The week between Christmas and New Year’s Day is the busiest week of the year statistically.
Looking at the statistics, it remains to be a great time to sell a property if you are a homeowner in Thorpe Bay. In December there were an average of 83 active listings available to purchase, which is the lowest figure since the end of August, and if you consider the supply and demand rule, the lower the number of available properties, the better for current Thorpe Bay sellers. The opposite can be said for buyers.
The average number of property views (per day) during Christmas and New Year’s Day was 65.2 views, the highest number of views per day since the 10th October.
The stat that really sticks out is the average number of days a property is currently on the market for – 91. This is the lowest amount of days since we first started recording these numbers, even lower than when the market was considered extremely buoyant in July 2022 (107 days on average).
What does this mean?
I still believe that estate agents are going to be in for an interesting couple of years (especially compared with the buoyancy of how things have been), however, the facts say that right now is a great time to sell.
We are currently experiencing more online property views, fewer properties for sale, and less time for each property to sell on average, all attractive stats if you are considering selling your home in Thorpe Bay.