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in the past september, beijing’s second-hand housing market experienced a “tail-up” trend. although the total transaction volume in september was not as good as in august, with the introduction of a number of new policies at the end of the month, the transaction volume of second-hand houses "jumped". according to agency statistics, as of september 29, 2024, the number of second-hand housing online signings in beijing was 13,297; and on a single day on september 30, the number of second-hand housing online signings reached 1,052.

according to industry insiders, beijing's second-hand housing market is gradually transforming from a buyer's market to a balanced market. with the introduction of the "9·30" new property market policy and the support of the policy mix, market expectations have rebounded significantly. the second-hand housing market it is expected that volume and price will stop falling and stabilize in an orderly manner.

the transaction pace slowed down in september, and favorable policies drove the market to become active again

according to feedback from front-line brokers in many regions in beijing, beijing’s second-hand housing market became flat in the first three weeks of september. after the “september 26” politburo meeting first mentioned that real estate “stopped falling and stabilized”, market confidence increased again. boost, with views and transactions tending to be active.

"before the positive signals from the policy came out, the number of consultations and views dropped slightly in september; the transaction volume declined, and the spread between the quoted and transaction prices narrowed. however, the majority of transactions were made by owners in exchange for price concessions or price reductions, and the transaction volume of second-hand houses also decreased. it has dropped from august. "liu dekui, the owner of the 21st century real estate california waterjun plaza store in fangshan changyang business district, said that the transaction pace has also slowed down, because there were more high-quality houses sold at the end of august, and the existing inventory was reduced. the source price did not meet the customer's psychological expectations, resulting in a longer transaction cycle.

"judging from the first three weeks of september, the number of consultations and viewings has decreased significantly, the transaction volume has also decreased, and the transaction pace has slowed down." gao zelin, owner of 21st century real estate yizhuang jinmao yishu store, said that due to the decline in transaction volume, home buyers the wait-and-see mentality is serious, and the bid price is even lower than last month; as for landlords, there are not many landlords who are eager to sell now, and most landlords are relatively insistent on price.

in the last week of september, the market quietly changed. wu junyu, business district manager of beijing lianjia jintai road store, told reporters, “the transaction volume has increased rapidly in the past week. the transaction volume of our store in september increased by about 40% compared with last month, mainly due to the new policies. positive impact. expectations are improving, confidence is boosted, and home buyers are buying homes faster.”

for example, wu junyu said that a replacement customer originally planned to wait before buying a house after selling his original house in july this year. recently, under the influence of favorable policies, he changed his plan and prepared to buy a house if he found a suitable one. the house was purchased.

the overall number of online signings declined slightly in september, and transactions were “tail-tailed” at the end of the month.

according to agency statistics, as of september 29, 2024, the number of second-hand housing online signings in beijing in september was 13,297 units, a month-on-month decrease of 7.4% and a year-on-year decrease of 6.8%. on a single day on september 30, the number of second-hand housing online signings reached 1,052. according to industry insiders, the pace of online signings in september was generally stable before the "tail-up" market trend occurred at the end of the month. at the same time, due to the short number of days in the month and the impact of the mid-autumn festival and national day holidays, it is normal for the number of online visas to decline slightly.

in terms of prices, the proportion of transactions in beijing's central urban area further declined in september compared with the previous month, causing the city's average transaction price to once again experience a structural decline. in addition, before the emergence of favorable policy signals, prices in some areas were still on a downward trend in september, and the phenomenon of exchanging price for volume was common.

according to statistics from the china index research institute, approximately 13,000 second-hand commercial housing units were sold in beijing in september, a slight decrease year-on-year. in terms of prices, beijing’s second-hand residential prices fell by 0.93% month-on-month in september, an increase of 0.06 percentage points from the previous month, and a year-on-year decrease of 8.44%.

the second-hand housing market is expected to stop falling and rebound in october under the favorable new policies

the "golden nine and silver ten" periods have always been known as the traditional peak season for the property market. now that "silver ten" has arrived, how is the second-hand housing market in beijing?

in the eyes of industry insiders, beijing’s new policies introduced on september 30 can be said to have injected a “shot in the arm” into the market.

the key content of the "september 30" new policy is that the social security period for non-beijing households to purchase houses is shortened, from 5 years outside the fifth ring road to 2 years, and from 5 years inside the fifth ring road to 3 years; in particular, tongzhou is no longer an "exception", and the house purchase policy is in line with the whole city is consistent; the standards for ordinary housing and non-ordinary housing have been cancelled; the down payment ratio for the first home has been reduced to 15%.

gao yuan, president of beijing lianjia research institute, pointed out that this policy covers the most critical and extensive housing purchase restriction policy and credit policy in housing policies, and at the same time benefits the rigid and improvement needs of the main market players. the current home purchase threshold, interest rate levels, market conditions and other factors have all reached the optimal level in recent years. potential home purchase groups who are holding money and waiting are more likely to switch from a wait-and-see state to actual purchase behavior, thereby promoting the circulation of beijing's housing market.

xu yuejin, deputy director of research at the china index research institute, said that beijing’s second-hand housing market continued to feature “price-for-volume” in september, with prices continuing to fall and transaction scale remaining at a certain level. at the end of september, the central government's favorable policies released positive signals to the market and boosted market confidence. the introduction of beijing's new deal on september 30 gave buyers and sellers some reassurance. it is expected that the market will see marginal improvement in october, and housing prices are expected to fall. gradually narrow.

gao yuan believes that in recent months, the relationship between new housing supply and demand in beijing’s property market has gradually reversed, and the market has gradually transformed from a buyer’s market to a balanced market. with the help of a combination of policies, it is estimated that beijing’s residential market will a relatively high point in transaction scale has occurred. judging from the law of volume and price conversion, the market is expected to quickly stop falling and stabilize in an orderly manner.

beijing news shell finance reporter yang juanjuan

editor duan wenping and proofreading mu xiangtong