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Welcome to our latest local property market update.
Based on the latest statistics, there are 36.1% more properties for sale in 2024 compared to last year, which is also 32.39% higher than the six-year average. This means there is more choice for buyers and increased competition for sellers. In January, new listings to the market were up by 8.17% compared to January 2023. We believe this is good news as it shows confidence has increased with more sellers looking to move.
Again, comparing January to January, sales agreed were up by 39.1%, and from our point of view, February has also been a very strong month for sales agreed. When you consider "buying power" has statistically reduced by 27.5% over the last two years for those buying with a mortgage, it demonstrates how strong the local property market is.
The initial asking price continues to play a crucial role in securing a sale within the first four weeks of marketing. While there are exceptions, we're currently seeing a 28.57% increase, year on year, in price reductions across the whole market as sellers adjust to meet current market conditions.
We are finding that, on average, it is taking fifty-five days to agree a sale, although many properties are selling significantly quicker. 18% of our agreed sales were with another estate agent before switching to ourselves. 33% of our sales agreed were bought by a first-time buyer,
36% had sold their own property (STC), 9% were in rented accommodation, 14% didn't have a property for sale, and 4% were property investors. 46% of our sellers were looking to buy another property to move to.
37% of our offers were accepted without further negotiation. When further negotiation was required, the subsequent offer increased by 1.02% (£6362) on average.
HSBC predicts that property prices will increase nationally by 2% in 2024, and the first base rate reduction will take place in August. Lenders are keen to lend money now, although their rates fluctuate as they compete for new business.
I hope you have found this article interesting, but please feel free to comment below, and I'll reply to any questions you might have.
All the very best.
Paul Ivens
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