382 of the 1,189 properties on the market in the Medway area have had a price reduction in the last 3 months.
The average reduction has been 5.1% of the original asking price.
This is great news for Medway home buyers and Medway buy-to-let landlords, strangely Medway house sellers as well.
The last couple of years of the Medway property market has seen some amazing prices being achieved with multiple offers and many properties selling for way over the asking price.
Yet, as I have been writing about the Medway property market over the last few weeks, the tide is beginning to turn, and pendulum swing more towards a balanced Medway property market as more homeowners in the Medway area (ME1/2/3/4/7/8) have been reducing their asking prices.
Of the 1,189 properties for sale in the Medway area,
382 have been reduced in price in the last 3 months.
This can be broken down as follows…
So why is this important and why is this good news, even for Medway house sellers?
Property industry statistics show that 5 out of 6 house sellers will buy another property and over 80% of those sellers will move up the property ladder.
When you move up the property ladder, that normally means you pay more for the one you want to move to (that’s why it’s called the property ladder).
So, whilst you won’t be getting as much for yours as you might have done earlier in the year, you won’t have to pay as much for the one you want to buy (and the price difference between the two properties will be smaller – meaning you will end up saving money because of these reductions).
Therefore, what is the level of reduction being seen in the Medway property market?
The average percentage of the price reduction in the