Understanding how the property market is evolving can be helpful in making an informed property decision when considering a move. Let’s take a look at how the market has been shaping up so far this year, why it could be a good time to move, and how you can make the most of today’s market.
Property prices are stabilising
According to Zoopla’s house price index, property prices did not change between the end of 2023 and early 2024. Additionally although there is much talk of house prices falling this research suggests a decrease of just 0.8% compared to the same period 12 months prior.* This could be indicative of the country’s economy stabilising, with the government freezing interest rates at 5.25% over this period.
A stabilising market can typically increase the number of affordable properties available and also helps create a less frantic market; paving the way for a smoother buying process.
Buyer demand has increased
The start of 2024 has seen a promising increase in buyer demand, with figures showing a 12% increase compared to 12 months ago.* This could be attributed to the re-appearance of sub-5% mortgage rates, subsequently improving buyer affordability. Similarly, there has been a 15% increase in new properties appearing on the market for sale since last year.**
One of the benefits of higher demand and supply is the possibility of quicker home sales as more individuals look to move.
Housing market activity has also increased
The overall number of agreed sales has continued to remain high in early 2024, indicating that buyers and sellers are becoming more aligned when it comes to pricing. With new sales up 13% in the past 12 months and the flow of homes listed for sale up 22%,* it could suggest that both sellers and buyers are feeling much more confident.
The alignment in pricing expectations between buyers and sellers can allow for smoother negotiation processes, as both parties are likely to reach an agreement more quickly.
How your agent can help
An experienced estate agent, like our Durden and Hunt team, can help you navigate stabilising property prices, improved buyer demand, and increased market activity by using their knowledge and expertise to help you understand the market's current conditions. We possess in-depth knowledge of the market and keep up to date with the latest trends, allowing us to provide valuable insights and an accurate valuation of your current property to help you make informed decisions for your future.
*Zoopla
**Rightmove
