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Record Property Prices as Market Remains Price-Sensitive

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Mon 17 Jun 2024

Record Property Prices as Market Remains Price-Sensitive

With a General Election looming, the market might slow down slightly for a few weeks, but there is still an excellent opportunity for homeowners looking to sell to list their home.

At Coakley & Theaker, we know the local area, and we understand what buyers need. We’ll ensure you have everything you need to make an informed decision in the Bury St Edmunds housing market.

Property prices keep rising

The latest analysis from Rightmove reveals that the average property price has climbed by 0.8% this month, equating to an increase of £2,807, reaching a new record of £375,131.

May often sees robust price growth, with new records set in 12 of the past 22 years. This month’s growth continues to be driven by the largest homes, with prices in this sector rising by 1.3% compared to last year.

Despite this, the overall increase in property prices since the last record in May 2023 is a modest 0.6%, highlighting the market's sensitivity to pricing.

Homeowners looking to sell in Bury St Edmunds should be aware that while the market is hitting new highs, it remains highly responsive to price changes, particularly in larger homes which are currently leading the growth.

We know the local market well, and while rising prices might sound great news for buyers, it might make things harder for buyers. We are happy to talk you through the process, and we will provide you with as accurate a valuation for your home as you can expect. As we said, we know the homes in the local area, and we are ideally placed to help you price your home at the most appropriate level.

We want to do right by you, and this means balancing your needs with what buyers expect.

What does the Rightmove expert say?

Rightmove’s Tim Bannister comments: “Some predicted that property prices would suffer sharp falls and take a while to recover following the Bank of England increasing the Base Rate up to 5.25%, where it has remained since August 2023.”

Tim Bannister continued by saying: “The momentum of the Spring selling season has exerted enough upward price pressure to reach a new record asking price. The top-of-the-ladder sector is still leading the way, while from a regional perspective the North East, with the lowest average prices in Great Britain, has seen the strongest price growth. Nonetheless, it’s important to remember that prices overall are still only 0.6% ahead of this time last year. The market remains price-sensitive, and with prices reaching new records in the majority of regions and mortgage rates remaining elevated, affordability for many home-buyers is still stretched.”

No matter where you are with respect to a house move, it is never too early to take good advice on board.

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.