May 2024 – Property Market Comment with Richard

Here’s Richard with an update on the property market as we head into the month of May. What we thought had been a typical spring market last month is now tinged with some mixed messages.

Historically the new listings that came on over Easter would generally be selling quite readily by now. We have in fact had a number of solid successes locally over the past few weeks and we’re proud of our sales figures. However, if we are to predict the future of the property market responsibly, then we need to look at the issues that affect people on a national scale.

Certainly, house prices, according to the Halifax, are simply treading water with a 0.9% dip in in March and rise of 0.1% in April. Annually house prices are up 1.1% which is some way behind inflation. But don’t forget, house prices are sensitive to economic and political speculation, and considering we’re in an election year (with more elections around the world this year than ever before), as well as wars and rumours of wars, crime, migration and cost of living crisis, the resilience of the housing market is once again proving itself.

This makes it a good time to buy, and not a bad time to sell. In other words, we have a market more or less in balance, slightly favouring buyers. So if your own personal plans include a possible house move, there are not only buyers out there for your property, but also plenty of choice for your onward purchase. There are deals to be done and we often find that there is flexibility within linked-transaction chains, as everyone is on the same side, in getting a sale over the line. It’s not quite as vicious as it was during the pandemic boom, with the market favouring real buyers and real sellers, moving for real reasons.

Our role in all this, it to help people move. Why not call us to find out how our involvement in your move might be to your considerable advantage. Call us on 01225 707342 or book your valuation here online with the team.