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The local property market update - January 2024.
There was a 14.84% increase in the number of new listings that came to market in 2023 when compared to 2022.
The increased competition between sellers and more choice for buyers would explain why the average asking price of these new listings was 3.7% down on 2022.
There were 77.1% more price reductions compared to 2022, and this is 38.43% higher than the five-year average as well.
The significant increase in price reductions was more to do with a correction between seller and buyer expectations and adjusting to a new market with higher interest rates instead of a massive drop in property prices.
There was a 67.64% increase in the number of properties withdrawing from the market compared to 2022 and 33.11% more than the five-year average.
As sellers and estate agents adjusted to a different market, initial expectations were not being matched and sellers that did not have to move decided to come off the market.
Sales agreed were down 8.94% on 2022 and 13% on the five-year average.
The number of sales agreed being down is no surprise considering all the political and economic uncertainty following the min-budget in the autumn of 2022.
The average asking price of these properties was only down 2.52% on 2022, which shows demand and transactions took more of a hit than property prices.
Stability and therefore confidence has now returned to the market with inflation seemingly under control, the base rate pausing twice towards the end of 2023 and interest rates continue to steadily come down as well.
All of the above has meant more buyers and sellers are returning to the market, and several forecasts that initially predicted house price falls in 2024 are reversing their predictions.
However, it is vitally important that anyone thinking of selling their home in 2024 does not take things lightly.
With an increase in new listings and price reductions happening, this means competition amongst sellers is very high and you need the right agent to help you stand out to attract buyers.
The right agent will price correctly, help you present the property in the right way, and promote it to the widest audience to achieve a sale at the best price the market will allow.
If you would like to know more about what is happening in your local market from one of our experts, we would love to speak with you and help put a plan in place for a 2024 move.
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