August 2022 Market Report for Lanarkshire

August has been a month of extremes: a heat wave, first holidays abroad in 2 years, and constant talk of the cost of living increases. This is causing widespread worry, which is an uncomfortable feeling for many. 

It's also causing people to reassess their lifestyles and make changes where they're able. Many people are considering downsizing in order to reduce their bills or release equity. The property market continues to move, as it always will, with families growing, people passing away, and moving jobs.

Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire.

There are currently 681 properties available on the market in the area. The month prior there were 573, with 557 in June, and 547 in May. The increasing numbers of available properties is perhaps indicative of the heat having left the market as properties aren't getting snapped up as fast as they were. Things are started to calm back down to normal levels and there is now more choice once again for buyers.

There are also more properties coming onto the market each month. In May, there were 315, June there were 345, July 348, and in August 369. This could explain the higher number of available properties as there were more to choose from.

In August, 364 sales were agreed. In July, 289 sales were agreed. The month before, 317 sales were agreed. In May, 291 sales were agreed. As more properties come to the market, more sales are happening. Although the media has been talking about the market cooling, the local facts are that there is still a lot of activity.

In May, there were 15 price reductions. There were 26 price reductions in June and in July, we saw 30 price reductions across the Lanarkshire property market as a whole. In August, this number jumped up to 51. This could imply that some sellers' or agents' expectations of what the market is prepared to pay are not in line with the reality. 

In August, there were 71 slow movers in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. This could be due to the market returning to more normal levels but expectations still being at the peak levels. In July, there were 49 slow movers on the market In June, there were 53 and in May, there were 50. 

Slow movers can often be due to the 3 Ps - presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans.

In May, each property in the Lanarkshire area had average daily views on Rightmove per property of 246. In June, this figure was 223 and July it was 189. In August, this number has jumped back up to 221. This shows the high levels of activity in the local Lanarkshire property market, which are likely to increase or at the very least, remain strong in the final quarter of the year.

If you're looking for further information about the Lanarkshire property market, or if you're thinking of selling or buying in the area, please don't hesitate to get in touch. You can call 01698 441327 or email sales@lanarkshireestateagents.co.uk.