Monthly Market Report for Bonnybridge, Larbert, and Denny for August 2023

More lenders, including Nationwide, Leeds, TSB, Virgin, and Clydesdale, have been reducing their rates on some of their mortgage products. This is despite the predicted rise coming the next time the base rates are reviewed. 

Hopefully, this is showing some confidence by lenders in the stability of the market and encouraging those who are sitting on the fence about moving home or buying property at the moment.

This stability can be seen in the national data. 42% of properties were sold (subject to contract) within 30 days of first being listed in July, compared to 43% in June and 57% in July 2022*.

Sellers and agents that are adjusting to the market will get properties sold. Those that do not price correctly will just sit on the market and go stale. This is true of any market, but especially now when market conditions are more akin to those of 2017/8. 

Looking more locally now at the August property market conditions in Bonnybridge, Larbert, and Denny, there have been 197 properties available for sale. As many as 87 of these were new to the market over the month. This means around 44% were new stock during a period that people “on the street” would consider to be a quiet time for the property market. 

In August, as many as 100 sales were agreed upon, which shows the local market is still very active. Again, August is “known” as a traditionally quiet time, but the data demonstrates there are still a lot of people keen to, or needing to, move home. And, as we say every month, the media's talk about a housing market crash really is showing no signs of manifesting.

In August, across Bonnybridge, Larbert, and Denny, there were only 18 price reductions. With 198 ‘slow movers’** across the area, this suggests the local market is responding similarly to market forces as can be seen nationally. Those agents and sellers that are pricing properties correctly are seeing them sell well, but those who are denying the current reality and perhaps holding onto the inflated prices we saw during the pandemic are struggling as the market returns to something closer to normal levels.

The average number of property views (per property, per day) on Rightmove in the Bonnybridge, Larbert, and Denny areas for August were 148.8. Properties on the market with Alexander Taylor are in the top ten of agents with 168.1. This really shows the difference having the right agent for your property will make. Using high-quality photography, care, an excellent social media presence, and great relationships with all the hottest buyers in the current market are all elements that can increase or reduce the number of views on your property. More views usually equal more choices of buyers! 

If you’d like to discuss the local property market in Bonnybridge, Larbert, and Denny, or talk to an expert about your options when it comes to selling your property, please feel free to get in touch. You can call us at 01324 811233 or my mobile at 07947515828. 

Thanks for reading, til next month, bye now!

*Data via Opening The Gates

**Slow movers are defined as properties that have been on the market for 12 weeks or more without being sold (subject to contract).