Bristol has been listed as one of the fastest moving property markets in the UK, according to property experts. It sits among South Gloucestershire, Plymouth, Swindon and Exeter with the title, which is said to be due to there "being more stock and choice in these areas".
Reports suggest that the housing market in the South West, in general, is the "most buoyant" too, with the average property taking just 19 days to sell between listing and having an offer accepted. But now property experts from Zoopla have issued a stark warning urging homeowners looking to move should "explore their options sooner rather than later", the Express reports.
The latest house price index from Zoopla has revealed that average property prices increased by 0.1% in June 2022. Annually, property prices are up 8.4% compared to a 9.2% growth in April and quarterly growth is at 1.4% - the slowest it has been since March.
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But with less price growth doesn't always come a drop in demand - within the UK housing market, overall demand for homes is much higher than the five-year average. And, while Bristol and other parts of the South West have been dubbed the fastest-moving markets in the country, London continues to lag behind the rest of the UK as the country's slowest moving market.
Time to sell a property stands at 35 days compared to the 22-day national average, according to Zoopla. However, property values in the capital have increased by £30,000 in the past 24 months, with average house prices now at £516,100.
The highest price growth can be seen up in Nottingham (10.4%), followed by Bournemouth (10.2%) the latter of which is said to reflect people's ongoing desire to live by the sea. However, the slowdown in the speed of agreeing on a sale is expected to continue.
Demand for homes in the South West has seen the sharpest slow-down over the last month with -16% for flats and -14% for houses.
Are property prices due to fall in the autumn?
According to Zoopla, house prices fall when there are forced sellers - something they don't anticipate - however they do expect buyers to become more "price sensitive", which could lead to fewer sales and lower price growth. The property site added that this is due to the number of homeowners on fixed-rate mortgages, which protect them against interest rate rises in the short to medium-term, the stress tests carried out on those loans, and the healthy employment market.
Higher borrowing costs will start to impact new buyers and, although house prices might not be growing as fast as they were, the rate of annual house price growth is said to be "steady". Zoopla's head of research, Gráinne Gilmore, said: "Buyer demand is still strong in the housing market, but signals are emerging that the impetus may be easing, so those who want to make a move should investigate their options sooner rather than later.
“In addition, mortgage rates are likely to continue to climb, so locking into a rate shortly could save hundreds over the longer-term. There are many factors supporting the price growth seen since the start of the pandemic, not least the continued imbalance between demand and supply, but the increasing cost of living, increasing mortgage rates for buyers and cloudier economic outlook will act as a brake on house price growth through the rest of the year."
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