PRICING IS KEY FOR 2024! 

As 2023 draws to a close, we look back on the year of the property market, which shows some better levels of activity than those predicted at the outset.  With strong levels of demand for the varying property types that are priced right, we have seen good levels of transactions taking place throughout the year.  In the main, property prices have fallen less than the market expectations of 2%, and currently sit at a level of -1.3% over the year.  The national average house price now sits at a level of £362,000, according to Rightmove.
 
The property market has seen more normal levels of activity following a balancing of the post-pandemic market, and predictions are that the average house prices will fall by a further 1% by the end of 2024.  Despite the increase in mortgage rates throughout the year, the market has been more resilient to these economic changes than in the property crisis in 2008. 
 
Buyer demand levels remain good however the number of sales agreed is 10% lower than the more normal market of 2019.  Moving into 2024, pricing will be key.
 
As the market adjusts 39% of properties marketed throughout the previous year have been reduced, which hinders the likeliness of achieving a successful sale.  In order to increase your chances of a sale, pricing the property correctly at the outset will be key to gaining the maximum impact from buyers.  The average time to find a buyer for a property has already increased from 45 days to 66 days in the latter part of the year, therefore pricing a property too high initially will only hinder this further.  The adjustments that we have seen mean that buyers have more time to make a considered purchase, rather than the rush and pressure of making a purchase in the pandemic market.  This is a positive change given that buyers can think things over and have time to seek proper advice, resulting in fewer transactions falling through. 
 
Mortgage rates have started to stabilise which is welcomed within the market, with the average 5-year fixed rate sitting around 5.11%.  Whilst the rates still hit much higher than last year, buyers can start to plan with more confidence to make their move in 2024.
 
As village and rural specialists there are other considerations to bear in mind when considering the best price and it is crucial that you have the right agent for your home.
 
With a good choice of homes ready for 2024 we look forward to the year unfolding and providing up-to-date advice on the market to our clients.

Authored by

Emma Hodkinson

Cumbria

07912 480536


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