Hello and welcome to the latest edition of my property market update in which I will be reporting on the latest goings on for house prices and activity levels in H1 2025.

In this update I am going to be reviewing exactly what has been happening in our local property market, covering SK14. SK15 and SK6 – Hyde, Gee Cross, Romiley, Woodley, Bredbury, Mottram, Stalybridge & beyond.

Let’s get stuck in.

Property Market Metrics

• The number of properties available for sale were up 0.7% vs. H1 2024
• The number of new properties listed was up 10.0% v. H1 2024.
• The number of sales agreed was up 13.7% vs. H1 2024

What that means…

In summary, there are buyers that want to buy and sellers that want to sell, but the price has to be right for a deal to be done and for those that sit on top of the market at too much money, they will either end up having to reduce the asking price or take their property off the market.

They may eventually get the price they originally wanted, but may have to wait a long time to achieve it.

Ultimately, it’s a choice between sellers prioritising a specific sale price or agreeing a sale in a timely manner.

Property Market Insights

• The number of price reductions was up 0.4% vs. H1 2024
• The number of properties withdrawn from the market was down 2.4% vs. H1 2024
• The number of sales that fell through was up 17.2% vs. H1 2024

What that means…

Sellers withdrawing from the market decreased, plus there was an increase in asking prices being adjusted, which would indicate a real commitment from sellers who are taking moving home very seriously as opposed to testing the market just to see what happens.

However, there have been almost 560,000 price reductions nationally so far this year, which would suggest sellers are still being too optimistic with their original asking prices.

Property Market Pricing

• New listing prices were up 3.8% vs. H1 2024
• Sale agreed prices were up 9.4% vs. H1 2024
• The price per square foot was up 4.7% vs. H1 2024

Outlook

The market across SK6, SK14, and SK15 remains active and resilient. While the slight uptick in fall-throughs warrants watching, robust growth in sales agreed and asking prices suggests that underlying buyer demand is still strong. Sellers are entering the market with confidence, and many are achieving prices close to or above asking.

Supply is currently increasing at a faster rate than demand and this means buyer choice is incredibly high making a very price sensitive market, so pricing realistically is fundamental to selling.

Interestingly, Rightmove data shows that homes which attract an enquiry on the first day of marketing are 22% more likely to find a buyer than homes which take more than two weeks to receive their first enquiry.

The proportion of listings which received an email enquiry in the first week of marketing in the more normal pre-pandemic market of 2017-2019 averaged 40% and therefore would have a significantly higher chance of selling.

Sellers need to understand that in a highly competitive market it is paramount to price to entice and the marketing needs to attract enquiries early on to have the best chance of selling.

If you would more information, or just some general advice on buying or selling your home then please get in touch.