If you have a property you’re thinking about selling, you’re probably wondering what Salisbury house prices are up to right now – and whether now is a good time to sell.
The property market across the country has been somewhat turbulent over the past year; mortgage rates have risen, and house prices are no longer elevated in the way we saw during the Covid pandemic.
But what does that mean for house prices going forward and what does it mean for you? Finding the answer to that question is far from straightforward, but we can help.
Salisbury house prices in 2023
The overall average price of properties in Salisbury was £331,943, over the past year, and this is very slightly higher than the previous year, by 1%.
But taken on their own, official house prices in an area are not the best indicator of whether now is a good time to put your house on the market, and achieve the best price. That’s because it takes several months for sold prices to be published, meaning that by the time data becomes available to us, the situation could already be changing.
It’s usually more informative to look at the number of properties currently being advertised for sale in Salisbury, and the time they are taking to sell. This can help indicate whether the Salisbury property market is currently hot – known as a ‘sellers’ market’ – or cold, known as a ‘buyers’ market’.
Right now, there are more homes on the market in Salisbury compared to September 2022. Some types of home, such as semi-detached properties and flats, are selling faster than they were a year ago, while others, like detached and terraced houses are taking a little longer to change hands.
Larger four- and five-bedroom homes are also selling more quickly compared to a year ago, while smaller one- and two-bedroom properties are spending longer on the market.
However, it’s very important to realise that as the country emerged from the pandemic during 2022, property was in extremely short supply, and selling much faster than usual. Right now, the property market around Salisbury is simply returning to normal.
In fact, while the Salisbury property market is not as frenetic as it was a year ago, it is still very much a sellers’ market, according to house selling forecaster PropCast. The market remains hot, and properties are selling fast, meaning that now is an excellent time to sell a property in Salisbury.
However, while the market is currently hot, it is showing signs of cooling, with most types of property in Salisbury taking longer to sell right now compared to three months ago. This follows seasonal trends, with spring and early summer traditionally the most popular time to sell, but it could indicate that house prices in Salisbury may rise more slowly, or remain flat in the months to come.
For this reason, anyone thinking about selling in Salisbury should strike while the iron – and the market – is hot, rather than waiting too long. Right now is a great time to sell a house in Salisbury, but as we know, the property market is always changing.
For expert advice on selling your Salisbury home, or to book a free valuation, contact Carter & May today.