May Roundup

As the interest rate waiting game continues, the property market carries on with the average asking price of a home in Britain reaching a new record this month at just above £375,000 (+0.8%).

The stretching of asking prices is commonly seen in the market which shows that sellers have confidence. Whilst the momentum of the spring selling season together with some intermittent sun has pushed asking prices, year on year the increase is less than 1%.  Pricing and strong advice remains key when offering your home for sale.

Here’s a snapshot of the AB market last month:

• We registered 526 new buyers;
• carried out 275 viewings;
• generated 138 offers;
• agreed sales on 31 homes;
• moved 29 families into their new homes and 
• launched 57 new homes to the market.

With the date of 4^th July now set for the general election, we expect to see property market activity remain.  Having faced a number of challenges over the last four years, the property market has shown strong resilience.  We know there are a number of buyers making 2024 their year to move, we do not feel this will stop them in their tracks.

The higher end of the market has seen an increase of 24% more homes coming to the market in the first part of the year throughout the UK.  Being at the core of AB properties we are proud to have made a good contribution to these numbers.  We continue to see good demand for homes at £750,000 upwards.  Whilst demand is there, the market remains price sensitive, with higher interest rates adding the question of affordability for most home buyers.

Moving forwards, we have some great properties coming to market.  Hopefully the warmer months will keep the buyers in good spirits and the momentum of the first half of the year will continue.