Penrith Property Market Update
As Zoopla announces today that “interest rates are weakening demand, and that levels of market activity are holding up better in more affordable parts of the UK”, Grace Oakey, Valuer for the Penrith Office of H&H Land & Estates reports a stable residential market undampened by rain.
With the level of rain we have experienced in the last few weeks, it seems like summer has been and gone. But the peak summer property sales season here in Penrith and the surrounding Eden Valley area does not appear to have suffered at all from the weather.
While industry index markers suggested asking prices for UK homes suffered their sharpest August drop since 2018, figures for Cumbria suggest that August saw an annualised dip in average asking prices of just 0.1%. Here at our Penrith office, the number of properties we have brought to the market for sale in July increased significantly compared to last year, and the number of properties sold is very similar to last year.
Although buyers continue to be more cautious, in terms of the type of property which is in the greatest demand it is family houses, especially those with space for homeworking, and bungalows. In terms of buyers, we are also seeing more and more first-time buyers. Another factor for owners to consider when bringing their property to the market is the quality of presentation, both internally and externally, this needs to be of the highest possible standard and it is a factor which can be directly attributed to the success of the sale.
Obviously there are always external factors which are effecting sales, such as the economic climate, rise in interest rates, and changes to personal circumstance and although negligible the market is experiencing some issues in relation to mortgage lending.
However were are certainly not seeing the same lower levels of demand which are being reported by Zoopla. Today it said: “Over the last four weeks, demand for homes have been 34% lower than the average for the same period over the last five years.
As we look towards the Autumn prices remain stable and we are continuing to see strong demand. We are confident and optimistic about the property market in Cumbria for the upcoming months. Penrith and its surrounding area continues to be one of the most sought after locations for those seeking a more rural way of life and the opportunity to find a better work/life balance, so this bodes well for anyone considering bringing their property forward to sell.
However there is a word of caution and it is something that we know from our many years of experience here at H&H Land & Estates, if you are committed seriously to selling, the pricing must be realistic, for us to attract keen interest from the many people looking for their new home in this uniquely sought-after region. When correctly priced property is selling relatively quickly.
As ever we are more than happy to provide a FREE market appraisal for anyone who is considering selling their property. Click here to book: https://bit.ly/45MPQIk
Alternatively, you can use our free instant online valuation tool: https://bit.ly/45MUzKb