In a recent analysis of over 5,000 listed properties across England, Sunny Avenue has revealed that approximately 38.5% of them have experienced a reduction in asking prices.
Interestingly, 68% of these price reductions have occurred in May and June, coinciding with recent rises in base rates.
Sunny Avenue’s extensive research focused on 5,070 properties listed for less than £500,000 across the UK. Of these, the prices of 1,954 properties had been reduced, representing nearly 39% of the total properties analysed.
The study further indicated that the vast majority of these price reductions (about 68%) happened specifically in May and June, following increases in the base rate.
These observations suggest a direct correlation between the base rate hikes and the downward shift in property prices.
Commenting on the research findings, Stuart Crispe of Sunny Avenue said: “As a result of these price reductions and the influx of new property listings, prospective buyers now have a golden opportunity to explore a wider range of more affordable properties throughout the country.”
Nonetheless, Crispe underscored the importance of caution and professional guidance in such fluid market conditions.
He added: “To successfully navigate the housing market, individuals need to thoroughly understand market dynamics, potential risks, and the financial implications of property purchase. Expert advice can aid buyers in making well-informed decisions in light of the current market trends and fluctuations.”
