Understanding how the property market is evolving is essential when making an informed decision regarding a home move.
With spring well under way its worth noting there has been positive activity since the start of the year with Rightmove reporting not only that prices of properties coming to market have increased by 1.5% on average nationally but also March saw the biggest month-on-month house price rise in ten months. A far cry from the housing market ‘crash’ that last year was reported by many to be imminent.
Additionally, Zoopla suggests the start of 2024 has seen a promising increase in buyer demand, with figures showing a 12% rise compared to 12 months ago. This could be attributed to the re-appearance of sub-5% mortgage rates, subsequently improving buyer affordability. Similarly, there has been a 15% increase in new properties appearing on the market for sale since last year offering more options to those looking to move.**
Now, its important to note that although the overall number of agreed sales has continued to remain high in early 2024*, indicating that buyers and sellers are becoming more aligned when it comes to pricing properties, homes can take a little longer to sell as buyers take their time to find a home that’s right for them** particularly whilst considering the ample properties available to them.
If you’re looking to sell it is a good time to feel optimistic about the market but its wise to remain considerate of buyer’s affordability and pricing sensitivity. Remember, an experienced estate agent, like myself and my team, can help you navigate a stabilising property prices, improved buyer demand, and increased market activity by using knowledge and expertise to help you understand the market's current conditions and an accurate valuation of your home.
Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
