Romford Property Market Review - July 2023
For this July market review I’m going to focus on Collier Row, Rise Park and the Mawneys areas as these tend to be our core areas.
There were 62 new properties added to the market in July and this is a slight decrease from June where 73 new properties were added.
8 of those 62 properties were sold in the first 4 weeks of marketing and this is down from June where 22 properties were sold in the first 4 weeks.
Less properties have been reduced this month with 49 price reductions compared to 57 price changes in June and this shows signs that both agents and sellers are starting to be more realistic with their pricing strategy.
We’ve seen 62 new registered buyers this month and 27 of those (so almost 50%) are first time buyers. 14 are chain free with nothing to sell and 11 have a property to sell with 7 of those under offer.
Average prices are back to the level of early 2022 and remain around 20% higher than before Covid started so there is still definitely a market for those that are realistic.
Success Story
A fantastic result for the sellers of the home in Clockhouse Lane which sold for £10,000 above the marketing price of ‘Offers Over’ £425,000.
We sold this house through our ‘discreet marketing’ service meaning it didn’t appear on any of the property portals.
It’s been bought by a lovely young family and this example shows the results that can be achieved when a property is priced correctly and also the value for a seller of working with a proactive estate agency.
Conclusion
Overall, we’ve seen a steady amount of new properties become available and I expect the demand for those properties to remain pretty stable. I don’t expect there to be too much change in prices and the lower amount of reductions this month would back this up.
So that’s a summary for July and if you have any questions about the market or even if you’re struggling to sell and you’d like some advice, please get in touch.
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