September 2022 to August 2023
Sales Volume:
In September 2022, Denbighshire's property market recorded 131 sales.
The sales volume exhibited fluctuations throughout the year.
By August 2023, Denbighshire had 80 sales, indicating a decline in activity compared to the start of the year.
Average Prices by Property Type:
Detached Houses: The average price of detached houses in Denbighshire began at £259,090 in September 2022 and decreased to £253,420 by August 2023, indicating a -2.21% change.
Semi-detached Houses: Prices of semi-detached houses started at £183,721 in September 2022 and decreased to £179,681 by August 2023, marking a -2.19% change.
Terraced Houses: Terraced houses, with an initial average price of £146,044 in September 2022, decreased to £141,716 by August 2023, reflecting a -2.96% change.
Flats and Maisonettes: The average price for flats and maisonettes began at £99,420 in September 2022 and decreased to £96,496 by August 2023, indicating a -2.94% change.
All Property Types: The average price for all property types in Denbighshire started at £204,634 in September 2022 and decreased to £199,941 by August 2023, representing a -2.29% change.
Trends in the Denbighshire Property Market:
Over the past year, the Denbighshire property market has experienced varying trends. All property types have seen notable decreases in their average prices, with terraced houses exhibiting the most significant decrease.The overall sales volume exhibited fluctuations but ended the year with a decline.
Future Trends and Predictions:
While predicting the future of the property market is challenging, we can make some educated assumptions based on the observed trends:
Market Correction: The decrease in average prices for all property types suggests a market correction. Buyers may find opportunities for more affordable housing options in the coming 12 months.
Stabilisation: The Denbighshire property market is likely to stabilise as the correction progresses, with prices reaching a point of equilibrium.
Interest Rates: The property market is sensitive to interest rates. Monitoring changes in interest rates is crucial for understanding how the market may evolve.
Economic Factors: Economic recovery and external factors will also play a role in shaping the market's future trajectory.
In conclusion, the Denbighshire property market has experienced a year of correction, with significant percentage decreases in the average prices for all property types. The coming 12 months are expected to bring stabilisation and potential opportunities for buyers seeking more affordable housing options. Staying informed about economic developments and market conditions will be essential for those interested in the Denbighshire property market.
Mortgage Broker Denbighshire
Information obtained from the UK Land Registry - https://landregistry.data.gov.uk/app/ukhpi