Romford Property Market Review - October 2023
Here’s our October property market review for Collier Row, Rise Park and the Mawneys areas.
There were 68 new properties added to the market in October and this is a slight increase from September where 64 new properties were added.
11 of those 68 properties were sold in the first 4 weeks of marketing and this slightly down from September where 13 properties were also sold in the first 4 weeks.
The reason I highlight the first 4 weeks of marketing is that I truly feel that’s where sellers get the best price. Clearly not every home will sell in the first 4 weeks but our sales strategy is designed to achieve a sale at the best price possible within 4 weeks.
Slightly more properties have been reduced this month with 37 price reductions compared to 31 price changes in August and this is confirmation once again that both agents and sellers are now far more realistic with their pricing strategy.
We’ve seen 70 new registered buyers this month and 44 of those (so just over 60%) are first time buyers. 16 are chain free with nothing to sell and 14 had a property to sell with 9 of them under offer. This shows the importance of having your own property sold when you want to make an offer on a new home as it puts you in a strong negotiating position.
Success Story:
A wonderful result for the buyers of this 3 bedroom chalet style home in Horndon Road. Beautifully presented throughout, it’s no wonder there were several viewings and offers above the marketing price for the home.
It also highlights the benefits of registering to use our ‘Heads-Up’ alerts which gives access to all new properties at least 3 days before they appear on the property websites.
Conclusion:
So overall, we’ve seen a slightly higher number of new properties become available which is what we would expect as sellers try to sell and move to a new home by Xmas. We’ve seen more first time buyers register which shows they feel there is a little more stability in the mortgage market.
So that’s a summary for October 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.
If you're thinking of selling your property, there are 3 types of valuation. Click here to see which option is best for you.
If you're struggling to get an offer on a property that you're selling at the moment, click here to see how we could get you the offer you need to get your move back on track.
