May 2024 has been the busiest month for home sales since the 2021 pandemic boom, according to the latest figures from Zoopla. If you're thinking of selling your home in Bury St Edmunds, the signs are promising – but pricing and timing are key.
There are now 13% more homes for sale across the UK than this time last year. Buyers have clearly returned to the market post-Easter, with sales agreed at their fastest rate in four years.
This uptick is partly thanks to improving mortgage conditions. Borrowers can now stretch their budgets by up to 20% more, giving them confidence to move forward.
The average UK home is now valued at £268,250 – up 1.6% year-on-year. But despite rising values, most homes are selling for around 3% below the asking price, or roughly £16,000 less.
In a busier market, pricing too high can lead to delays. With more homes for sale, especially in the South and East of England, buyers have more choice and are less likely to chase inflated prices.
For homeowners in Bury St Edmunds, a well-priced property could stand out quickly, particularly if it's marketed smartly from the start.
In southern regions, including the East of England, house price growth has slowed – less than 1% year-on-year – largely due to a surge in listings. The South East saw a 15% rise in homes for sale, and the South West 21%.
Bury St Edmunds isn’t immune to this trend. More properties on the market means more competition, which makes presentation and pricing more important than ever.
While price growth has cooled in the South, cities in the North West and parts of Northern Ireland are leading the pack. Places like Blackburn, Wigan and Birkenhead have seen values rise by 4–6%.
For local sellers, this highlights a key contrast: while the North is benefitting from affordability and high demand, southern sellers need to be more strategic to attract interest.
With sales up 6% on last year and market activity rising post-Easter, momentum is building heading into summer. But affordability remains a ceiling, and sellers in Bury St Edmunds should prepare for buyers who are well-informed, budget-conscious, and shopping around.
A strong, realistic listing in a busy market can still achieve great results – but patience and preparation will pay off.
We stay in touch with what is happening in the market, and what leading lights in the industry say. Here are the thoughts of some of the major players in the property sector:
Richard Donnell, executive director at Zoopla, commented: "More homes for sale means more buyers looking to move home. This, coupled with more attractive mortgage deals and changes to how lenders assess affordability, is supporting an increase in the number of sales being agreed. Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations. We expect sales to keep rising over the second half of the year, with UK home values on track to be 2% higher by the end of the year.”
Toby Leek, NAEA Propertymark President, said: “Even during a time of economic turbulence, it is encouraging to see that the housing market is the busiest it has been since May 2021, and that house price inflation remains stable. This news demonstrates that there is still an appetite for housing as inflation in general continues to impact the wider economy. However, with the North West becoming the UK’s most popular housing market, it shows that more work needs to be done to even out house prices throughout the country so that people living in certain regions do not get priced out of the local housing markets there. It is vital that government policies across the UK are geared towards that aim.”
At Coakley & Theaker, we’re more than just estate agents, we’re your local property partners. With a wealth of experience and a passion for helping people find their ideal homes, we’re committed to delivering exceptional service every step of the way. If you’re considering a move to Bury St Edmunds in 2025 or want expert advice on the local property market, contact us today. Call 01284 769691, or get in touch via our social media profiles to discuss your options.
Bury St Edmunds, Suffolk 01284 769691 or 01359 256821 or 01449 737706 or 07803 138123
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