A Market Shaped by Change š”
As we wrap up November and December, the property market continues to evolve, presenting both challenges and opportunities for buyers and sellers alike. Here's whatās changed and what lies aheadā¦
Buyer Demand Surges by 23% š
Compared to this time last year, buyer demand has increased significantly, reflecting renewed confidence in the market.
Record Property Availability š
There are currently more properties on the market than weāve seen in over a decade. With 1,568 properties now available, buyers are spoiled for choice, making it essential for new sellers to price competitively and realistically.
Bank of England Boosts Confidence š·
With the Bank of England reducing its base rate twice this year, buyers have regained confidence, fueling activity across the market.
Local Market Snapshot š
- 281 new instructions
- 255 sales completed
- 185 price reductions
Looking Ahead to 2025 š®
Our predictions for next year:
- Continued market growth, with more properties entering the market.
- Buyers will become even more āsavvyā, leveraging the abundance of choice.
- A strong push for completions in Q1 to avoid the changes to stamp duty.
- Interest rates will likely decrease further, encouraging buyer activity.
- Controversially* we anticipate a slight rise in house prices as demand strengthens.
What Does This Mean for You?
The property market is shifting, and with more opportunities than ever, strategy and timing are key. Whether youāre buying, selling, or just exploring your options, weāre here to guide you every step of the way.