Adkins Newsletter June 2024
The property market in Cirencester is experiencing a mix of stability and gradual changes. The average price for properties in Cirencester stands at approximately £376,000, which represents a 3.5% decrease over the past year. This decline is part of a broader trend where house prices in some areas are stabilising following a period of significant fluctuation.
Supply has outpaced demand, leading to an increase in the number of properties available. In May 2024, there was a 12.87% increase in properties for sale compared to the previous year, providing buyers with more options. However, the time taken to complete sales remains lengthy, averaging around 22 weeks from sale agreed to legal completion.
Economic factors such as stable mortgage rates, currently fluctuating between 5% and 6%, and a potential interest rate cut from the Bank of England later in the year, are expected to influence market activity positively. The improving economic outlook and a scheduled general election in July are not expected to have significant negative impacts on the market.
Overall, while the market in Cirencester faces some challenges, including a slight decline in property prices, the increased supply and stable economic conditions suggest a potentially healthier market environment in the coming months.
