Two reasons why now is a great time to make your move:
Amongst a pending general election, an erratic mortgage market and the current high interest rates, you may be unsure about whether to sell your home. As an agent who experiences the highs and lows of the local property market daily, I’d like to offer you an honest, personal insight into what’s happening in our area, to help you make a more informed decision if moving home is on the horizon for you.
At present, there are two distinct factors changing the housing market, making now an excellent time to sell:
House prices are rising.
Last year was a trepidatious time for prospective buyers, who consistently battled rising mortgage interest rates. As more people were being priced out of their applications, sellers faced a smaller audience of suitable purchasers, and homes began to take longer to sell.
Despite an economically challenging 2023, the first quarter of 2024 has shown much more promising circumstances for property sellers. In February, national house prices rose for the fifth consecutive month. Mortgage lender Halifax said in its February House Price Index: “Prices were 1.7% higher year-on-year, [and] prices in London have increased +1.5%, the first positive annual growth seen since January 2023.”
Buyer confidence is rebuilding.
In addition to a gradual acceleration in property prices, the first few months of the year have shown an increased level of buyer enquiries and more homes being listed for sale. This is typical for the post-Christmas period, but this year is particularly good news given such buyer apprehension in 2023. Property marketing website Rightmove, which markets around 95% of all homes for sale nationally, reported a 7% uptick in both enquiries from sellers and new properties coming to market during February. Anecdotally, I have personally seen increased enquiries for valuations this year and have noticed the positive progression myself. The combination of a larger buying audience and increasing sale prices is a huge bonus if you’re hoping to sell your home this year and certainly something to consider taking advantage of.
However, sale times are slowing down.
The average time between bringing your home to market and finding a suitable buyer is at its slowest since 2015, Rightmove reports. During February, it took an average of 84 days to sell a property in London.
It stands to reason that property sales may be achieved more slowly at the moment in the wake of mortgage interest hikes and conveyancing backlogs. Nonetheless, as we progress into the year, I predict buyers will find more confidence in the mortgage market as interest rates ease, as evidenced by the consistent increase in viewing enquiries thus far. Homeowners will begin to receive acceptable offers within a shorter time frame as the months progress.
A snapshot of our local market in 2023:
According to data from HM Land Registry*, sold prices across the area in December 2023 fell by 4% year-on-year, and were 0.7% lower than the previous month. Despite this, we are seeing positive progression upwards in 2024 so far. The average price for a detached property was £643,753. In February this year, Rightmove reported asking prices across London had risen by 2.8% from January, with a year-on-year increase of 0.2%.
The importance of selling for the right price:
Despite the optimistic current circumstances for homeowners, there is a definitive caveat to receiving a timely offer for a price you’re happy to accept: accurate and realistic pricing. One of the biggest barriers to a timely sale - and attracting interest from suitable buyers - is an overpriced property.
In fact, Rightmove reported earlier this year that “overpriced properties are being left on the shelf.” A trustworthy and knowledgeable agent will always be able to rationalise their valuation of your home. This way, you can be sure to work with someone who’ll bring your home to market at an attractive price and help you to take advantage of a larger buying audience, whilst also endeavouring to meet your own financial requirements.
Reach out today.
Thinking of selling your home? Now's a great time. Prices are rising, and buyer confidence is up. Despite slower sales, accurate pricing is crucial. As your trusted agent, I'll help maximise your home's appeal and value.