We know good news is thin on the ground these days, but there's notable news for homeowners looking to sell in 2024. The overall supply of homes for sale has surged, indicating a renewed sense of confidence among sellers. Recent data reveals that the market boasts a 22% increase in available homes compared to the previous year, with the average estate agent now handling 28 properties for sale. This surge not only provides more options for buyers but also establishes a trend likely to keep house prices stable.
One of the positive outcomes of this growing supply is the evident alignment between buyers and sellers on pricing. The heightened sales activity observed in early 2024, extending from the final weeks of 2023, suggests that the market is finding a balance. The need for substantial house price reductions to facilitate sales has diminished, pointing towards a more harmonious negotiation process between property seekers and sellers.
Delving into Zoopla's recent data, it's evident that the annual UK house price falls have moderated, standing at -0.8% as of the end of December 2023. This marks an improvement from the low of -1.4% recorded in October 2023. Regional variations persist, with the East of England experiencing the most significant decline at -2.5%. In contrast, annual price growth remains positive across Scotland, Northern Ireland, and the three northern English regions.
For homeowners contemplating a sale in this dynamic market, here are key insights to consider:
With a 22% increase in available homes, sellers now have the advantage of a more competitive market. Ensure your property stands out by highlighting its unique features and considering strategic pricing.
The current market reflects a balance in pricing expectations between buyers and sellers. Be realistic in your pricing strategy, taking into account the evolving market dynamics.
Recognise the regional variations in house price movements. While some areas experience declines, others continue to show positive growth. Tailor your approach based on the specific trends in your locality. We’ll keep you right on what is happening in Bury St Edmunds, and how the local area compares to other regions.
As the property market witnesses shifts and sellers gain the upper hand, it's an opportune time for homeowners to navigate this landscape strategically. By staying informed and understanding the nuances of the current market, sellers can position their properties effectively to attract discerning buyers in 2024.
At Coakley & Theaker, we are highly experienced in the Bury St Edmunds market, making us the ideal professionals to sell your home in the right way. We also look to see what the experts are saying, and as this is a hot topic in the property market right now, it is natural many big-name companies are sharing an opinion.
Richard Donnell, Executive Director at Zoopla, said: “It’s a positive start to the year with all key measures of housing activity higher than a year ago. The fall in mortgage rates has led to a rebound in buyer demand and sales following a weaker second half of 2023 when many movers put decisions on hold. This improvement in activity will support sales volumes which, at one million, reached an eleven-year low in 2023. We don’t see these trends as a precursor to higher prices in 2024 as it remains a buyer's market. Sellers looking to move should be encouraged by these early signals of activity but buyers remain price sensitive and focused on value for money. Over-optimism by sellers could quickly stall the current improvement in market activity.”
Nathan Emerson, CEO of Propertymark comments: “An increase in house sales should give people the confidence to sell their properties again. As the Bank of England chose not to increase interest rates before the end of 2023, consumers should feel positive that borrowing costs are not going to increase for them. The next Monetary Policy Committee in February could be an opportunity for the Bank of England to cut interest rates and stimulate growth in the housing market now that inflation is not at the levels we witnessed at the start of last year.”
If you want to ensure you have everything you need when making a move in, out or around Bury St Edmunds, make sure you call on the local experts.
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.