Romford Property Market Review - August 2023
Here’s our August property market review for Collier Row, Rise Park and the Mawneys areas.
There were 78 new properties added to the market in July and this is an increase from July where 62 new properties were added.
13 of those 78 properties were sold in the first 4 weeks of marketing and this is up from July where 8 properties were sold in the first 4 weeks.
There were 49 price reductions compared to 48 price changes in July and this is confirmation that both agents and sellers are now more realistic with their pricing strategy.
We’ve seen 68 new registered buyers this month and 27 of those (so almost 40%) are first time buyers. 5 are chain free with nothing to sell and 16 have a property to sell with 10 of those under offer.
Success Story
A great result for the sellers of their family home in Lodge Lane which has been sold to a lovely young family. The home was on the market for the first time in a generation and the correct pricing strategy and marketing strategy created urgency around the property and ultimately an offer that the sellers were delighted with.
Conclusion
Overall, we’ve seen an increase in the amount of new properties on the market and the demand for those properties is actually up on the previous month as well. This isn’t necessarily what we would expect for August given it’s still school holidays but it confirms that if you price your home correctly, there are buyers out there.
So that’s a summary for August 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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