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Welcome to our latest local property market update.
Comparing quarter one of 2024 to the same period in 2023, the number of properties available for sale increased by 1149, totalling 6855 within the areas we cover. Over the same period, new instructions to the market increased by 320, and sales agreed increased by 541.
The increased number of available properties has had a noticeable impact on the market dynamics. We are seeing a rise in properties reducing their asking price, and the number of properties withdrawing from the market has also increased.
The average asking price of new instructions to the market is typically steady or, in some cases, slightly higher, and the average asking price of sales being agreed is ever so slightly down, but only by single digits.
At this moment in time, the statistics show that it is a two-speed market. Properties coming to the market at too high a price end up being properties that either reduce at a later point or withdraw from the market. The properties that come to market at a price that reflects the market will often sell quickly.
We have registered 369 more buyers in 2024 than we did the year before. Although average mortgage rates have slightly increased, buyers benefit from more product choices. Analysis from Moneyfacts shows the overall average two and five-year fixed rates rose between the start of March and the start of April to 5.80% and 5.39%, respectively. The average two-year fixed rate stands 0.41% higher than the five-year equivalent. Product choice rose month-on-month to 6,307 options, its highest level since February 2008. The availability of deals at the 90% loan-to-value tier also increased for a second consecutive month (774), and it is now at its highest point in over four years. Additionally, the number of deals at 95% loan-to-value rose for a fourth consecutive month (335) and stands at its highest count in almost two years.
Overall, 2024 looks like it will be a regular market, with supply and demand well balanced, giving buyers more choice and sellers the opportunity to sell reasonably quickly if they choose to do so.
I hope you have found this article interesting. I always aim to send out market commentary once a month, but if you have any questions, our local teams are more than happy to answer any questions.
All the very best.
Paul Ivens
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