Market Update

January 2024

By Pat Gilbert FNAEA

Being the longest standing independent Estate Agent in the area for over 30 years our consistent advice to both buyers and sellers from our experienced and knowledgeable staff has been vital in the varying markets we have successfully navigated over the decades.

Whilst recent times have seen great rises and some falls, contrary to 2023 forecasts we have not seen a great decline in house prices. We now find ourselves in what seems to be a more stable period where buyers are financially capable and confident with current interest rates or have the pleasure of porting fixed lower rates onto their onward purchase. The interest rate rises of the last year have seen a change in market conditions from very much a sellers’ market to a buyers’ market due to seller buyer ratios.

The winning method for sellers out there right now, is to GET YOUR PRICE RIGHT

There is no reason not to generate a good level of interest on your property if the price is right, no drone photographs or fancy video can help you sell if the most important element is wrong from the start. It really is all about ‘footfall’ and if you are not getting those buyers across the threshold then you really need to take a good local agents’ advice on value as it could be detrimental in the long run if you don’t. We pride ourselves in transparent advice and local knowledge.

With four sales offices, we see a varying variety of properties and people, all motivated differently in their sale and purchase journey. We are lucky to be in an affluent area with excellent schooling, industry, transport, retail and investment opportunities, ensuring a continued demand for housing in the area at all price levels.

2024 will guarantee to set further challenges as the year goes on, hopefully with the reduction in inflation, mortgage rates starting to fall and potential incentives to boost the market, the current stability will continue, and the cost of living begin to ease.

If you are looking for guidance on selling in 2024, let us help you navigate your way to a successful sale or purchase in these changing times.