September 2024 – Property Market Comment with Richard

Welcome to the September 2024 Property Market Comment. And if you’re confused by reports of differing accounts of the property market you’re not alone!

On the one hand we have the Halifax, telling us that house prices are at a two-year high, up 4.3% on this time last year, with the average property value now standing at £292,505. But they also tell us that prices only rose 0.3% in August, whereas in July it was 0.9%. Other sources (Twenty EA) tell us that that house prices are 1.2% lower than they were four months ago.

So, the figures are all over the place. Nothing dramatic, but difficult to interpret.

Stats are one thing, but sentiment is another. House prices, in terms of completions, are usually reported up to six months or more after the sale was agreed, and a lot can happen in that time. Confidence levels can change in days. Certainly, that first reduction in interest rates last month has paved the way for further confidence going forward, and it does look like people are now being prompted to come to market, especially if they are keen to move by Christmas.

This, in turn, gives buyers more choice, which can of course lead to lower prices. But, in general, we’d say the market is pretty much in balance, with most metrics around the three-year pre-Covid average.

That’s pretty healthy considering that interest rates are so much higher than they were before the pandemic.

On the ground, our experience concurs with the national picture, and we’re pleased to have more properties for sale to work with. Just remember, if you’re selling, that you do have more competition vying for the attention of a mildly cautious pool of buyers. So your property needs to compare well, in terms of both presentation and price. Get those two working in your favour to attract buyers, and leave the rest to our negotiating skills to ensure you secure the highest price this fluid market will pay.

Why not call us today on 01225 707342 – you might be pleasantly surprised!