.
July proved to be one of the most active months seen so far in 2024. We arranged 1292 viewings and received 305 offers. Of the sales agreed, offers were accepted, on average, at 98.9% of the asking price, and 44% of them were at the asking price or higher. At the time of writing, locally, there are 8219 homes on the market, and 48% of them are currently sold, subject to contract.
At the height of the Covid market 70% of all properties on the market were sold, subject to contract, which highlights that today buyers continue to have far more choice than they did back then. That said, 38% of all sales agreed in July found buyers well within a month of going to market. Pricing remains critical to finding the right buyer within a reasonable time.
It is also good to see that the average number of days between sale agreed and exchange of contracts has reduced. From our point of view, it is currently 97 days, compared to the national average of 154 days. Part of this shorter time frame is ensuring sellers have instructed a solicitor at the point of going to the market instead of when a buyer has been found saving valuable time within the early stages of agreeing a sale.
The Bank of England reduced the base rate at the end of the month, and although lenders had already started to lower their rates, we expect more to follow in the coming weeks.
As I said earlier, activity within the local market has increased, and it will be interesting to see what happens in August, which is traditionally a quieter time.
All the very best.
Paul Ivens
Leave a comment Like Back to Top Seen 334 times Liked 0 times
x
Subscribe to Updates
If you enjoyed this, why not subscribe to free email updates and join over 2054 subscribers today!
Subscribe to Blog updates
Alternatively, you can subscribe via RSS 
All email subscriptions must be confirmed to comply with GDPR.
