The latest market data from Rightmove shows that the UK property market has continued to hold steady this spring despite higher mortgage rates and ongoing economic uncertainty. Recent market data shows asking prices to have risen by 1.2% in May.
Locally, we're seeing many factors that have made this area one of the region's strongest housing markets continue to support demand. Telford's growing economy, excellent transport links and expanding employment opportunities along the M54 corridor continue to attract buyers from across the West Midlands.
Newport remains particularly popular with families thanks to its highly regarded schools, attractive high street and strong sense of community.
Meanwhile, Ironbridge continues to attract those seeking character and lifestyle. As a UNESCO World Heritage Site, the town offers a unique blend of history, countryside and individual homes that appeal to buyers looking for something different from the typical suburban market.
One notable trend this spring has been the increase in the number of homes available for sale. Buyers have more choice than they have enjoyed for several years, with the number of homes for sale nationally now at its highest for this time of year since 2015. This makes realistic pricing increasingly important for sellers. Properties that are well presented and launched at sensible asking prices continue to generate the strongest levels of interest. Rightmove’s research found that homes needing a price reduction took an average of 127 days to sell, compared to just 36 days for homes priced correctly from the outset.
The combination of employment growth, excellent schools, attractive market towns and easy access to Birmingham, Wolverhampton and Stafford means Telford, Newport and Ironbridge continue to appeal to a broad range of buyers.
As we move towards summer, we expect the market to “remain active and positive, despite buyers being more price conscious.”
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