What’s happening in North London?
Whilst doing extensive data testing prior to the launch of REalyse v3.0, I spotted something that at first I thought was an indication of an error.
The number of properties being put onto the property market in N1 (Islington, North London) had increased significantly since the start of this year.
Checking the asking prices in the same area also showed that these figures had fallen significantly at the same time (light blue line) as the increase in available properties changed the market and caused asking prices to fall by -2% since February.
Perhaps not so much of an anomaly, as I first suspected, but an effect of supply and demand in the market, appearing as clear as day in the analytics and alerting me to the possibility of a wider trend.
Lastly, I took a look at the discount (difference between asking prices and achieved prices) across a few other areas of North London, all of which showed that discounts are increasing.
What exactly does this trend mean? Well it seems that a large number of people are now trying to sell their properties into a relatively soft market. This is forcing down prices and creating more competition among sellers, who are being forced to accept lower offers.
Good deals are out there for shrewd buyers, but perhaps this is a sign of something else going on in the market and wider forces at work. Worth keeping an eye on.
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