Homes in Jesmond are selling faster than a year ago
A special feature on Rightmove’s blog highlighted that there are areas in the country where homes are selling faster than a year ago and Jesmond and Fenham have both made the list. This is what they had to say including a contribution from Ben Bailey, the owner of Bailey & Co:
If you’re thinking of moving in 2023, you might have already started searching for your next home. In spring, we start seeing more properties listed for sale, and competition between buyers for the homes available is traditionally at its peak.
This time last year, homes were selling more quickly than ever and at record prices, with the average time to sell taking just 42 days at this time last year.
But we’ve moved into a much more settled property market. Homebuyers are taking their time to work out exactly what they can afford and find a home at the right price before making an offer, due to the higher cost of repaying a mortgage. And this has resulted in the average time to sell a home lengthening to 66 days.
However, this number is just an average of what we’re seeing nationally and trends will differ based on where you’re looking for your next home. Things like house prices, and the time it takes to sell a home, can be different from one town to the next, and even from street-to-street. This is often dependent on factors like availability of homes for sale, the popularity of the location, and how affordable properties are.
This is why estate agents are advising home-sellers that setting a realistic asking price when first listing their property is key to finding the right buyer more quickly.
Despite this year’s calmer market, there are some areas that are seeing homes sell more quickly in 2023 than they were during the same period last year.
- Where are homes taking less time to sell?
In the leafy pocket of Jesmond in Newcastle-upon-Tyne, you can find large Victorian terrace houses with high ceilings and original features, as well as modern maisonettes and flats. Average house prices are £353,323. At the moment, it takes on average 33 days to sell a home, compared to the national average of 66 days.
Local agent Ben Bailey, of Bailey & Co in Jesmond, says: “Jesmond is a unique area, that has a wonderful culture of independent shops, restaurants and cafes and top North East schools, including an outstanding state primary school. The area is surrounded by greenery, including Newcastle’s Town Moor and Jesmond Dene, while also being in walking distance of the city centre. There are three metro stations in Jesmond, which can get you to the city centre in a couple of minutes, or in a few more, to Tynemouth beach and Newcastle Airport.”
“Jesmond is predominantly made up of Victorian terraced houses in various sizes, from stylish apartments to large family homes. As well as rented student accommodation, the area is home to many young professionals and families,” he adds.
Fenham, also in Newcastle, has seen a three-week reduction in the time it takes to sell a home, compared to the same period in 2022. The average house price in Fenham is £147,831, which is more than £200,000 less than the current national average house price of £362,452.
Modified article taken in part from an article from an article by Rightmove
If you liked this article, you may enjoy this one: Jesmond Area Guide
Important Information
All property sales and the financial advice that surrounds them are as unique as the people engaging in the transaction. It is important to not decide without seeking professional advice. If you want to sell your home and are considering redecorating before marketing, speak to one of our Property Professionals to get the best advice for presenting your home for sale before making any investment. This article is for the purpose of information only and should not be seen as financial advice.