LAST month marked 20 years of the Rightmove House Price Index and in that time the national average house price has doubled.

In this month's house price index, we have seen the national property prices fall for the first time in 2022, down by 1.3 per cent. This price fall is in line with the expected drop which we have seen every August for the past decade - likely more due to holidays than the interest rate rises. Across Yorkshire and the Humber, this dip has been smaller at 0.9 per cent, bringing the regional average house price to £241,489 last month. The question on everyone’s lips at the moment is what will happen to the property market after such a frenetic few years. I hope to be able to unpack the data for you here, so you can see what is really happening in our area and what that means for you, as home movers.

What is the market like for sellers?

Despite cost-of-living constraints and the recent interest rate rises, we haven’t seen a decrease in buyer enquiries at Robert Watts. This shows that overall buyer demand is still high, and you shouldn’t worry about not finding a buyer for your home or not getting the best price for your property.

Rightmove's findings suggest that as we move into autumn, sellers can still price their property competitively in order to find a suitable buyer who is ready to move with the hope of completing on their home purchase just in time for Christmas.

Although the industry as a whole is experiencing backlogs when it comes to conveyancing, finding a buyer who is motivated and either buying for the first time, is buying in cash, or doesn’t need to sell their current property, is one way to reduce the delay when you are ready to move. Strong, efficient sales are going through, so don’t be put off. It’s just about finding the right buyer and selling with a reliable agent.

First-time buyers now make up an increased share of all sales so far in 2022, with 35 per cent of buyers purchasing for the first time according to Zoopla - a three per cent increase since October 2021. This is great news for sellers as first-time buyers have the ability to move quickly on their purchases.

Finally, the recent national interest in Bradford - thanks to its new title as the City of Culture - should also keep buyer demand high from people relocating from other parts of the country, most notably from more unaffordable southern areas. So we should see strong buyer demand for the rest of the year.

What does this mean for buyers?

We expect to see more properties coming to market from September onwards, so there will be more choice for buyers.

Many agents have recommended to sellers that they market their property outside of summer as this has been the first time many have been on holiday since the pandemic began. There is also often significantly less online traffic during the summer months with people choosing to spend more time outdoors and reducing their screen time rather than browsing on social media or their favourite property sites. So, if you are looking to buy, stay tuned for an uptick in listing volumes over the autumn.

Of course, we are very aware of how the increased cost of living has begun to affect what buyers can afford. A combination of both the year’s house price increases and cost of living constraints means buyer affordability can differ from their initial property search. That said, there are some great mortgage products out there, so don't be discouraged if you have your heart set on a move.

We recommend checking in with a mortgage advisor to be confident in affordability and speak to the team in your local Robert Watts branch to keep up to date with the properties coming to the market that both match your affordability and suit your needs.

What’s new in Bradford?

Bradford is always evolving, and our dedicated Land and New Homes department is here to help you make sense of it all.

Bradford is always evolving, and our dedicated Land & New Homes department is here to help you make sense of it all.

As proud members of the Land & New Homes network - a national association of professionals from across the housing industry creating developments for the benefit of all - our team are here to support you, whether you are interested in selling your spare land, developing, or purchasing a new build home.

There are constantly exciting new developments coming to market across Bradford. One of our favourites on the market at the moment is the exclusive development of seven fantastic family homes on Brookfields Road in Scholes, Wyke. These stone-built properties are just one example of some of the fantastic new build homes currently in development across the city.

To sum up, whether you are looking to buy or sell your home, now is a fantastic time to take a step up the property ladder.

*James Watts is managing director at Robert Watts estate agents which has been helping buyers, sellers, renters and landlords in Bradford, Kirklees and Calderdale since 1979. For expert advice on the current market and properties in your area, visit our website at robertwatts.co.uk