Book your
The 2024 Kick-Off: A Surge in Sales Agreed Signals Market Optimism
Introduction
The property market has hit the ground running in 2024, with a notable surge in sales agreed in the first few weeks of January.
This 13% increase compared to the same period last year is not just a number; it's a strong indicator of growing market confidence and activity.
Regional Highlights
The uplift has been uniform across all regions, with Yorkshire and The Humber leading the charge at a 19% increase, closely followed by the West Midlands at 17%. This widespread positivity suggests a robust recovery and a hopeful outlook across the board.
Mortgage Rates and Consumer Confidence
One of the catalysts for this surge is the availability of attractive mortgage rates, now dipping below 4%.
Coupled with the highest consumer confidence since January 2022, these factors are fueling the market's dynamism.
However, it's crucial to acknowledge that this rebound is from a relatively low base, tempering expectations with a dose of reality.
Price Sensitivity Remains
Despite the overall market positivity, buyers are still exercising caution, with a significant focus on value.
This is evidenced by the fact that one in five sellers had to accept offers more than 10% below the asking price to clinch a sale, underscoring the prevailing price sensitivity among buyers.
Conclusion
The early 2024 surge in sales agreed is a promising sign for the property market, reflecting increased confidence and activity.
However, the continuing buyer price sensitivity highlights the need for realistic pricing and expectations in the evolving market landscape.
THINKING OF BUYING OR SELLING A HOME?
We’re a specialist estate agent selling Country, Period, Luxury and Equestrian Homes. The houses for sale include vast Country Estates as well as Modern Mansions across Warwickshire and the Cotswolds.
Contact Heenay Joshi Property Experts on 07864 942 768 or hj@hjpe.co.uk.
Explore our 11-step strategy for a hassle-free sale or access our buyer guides to navigate the buying process.
Contact Heenay Joshi Property Experts to explore our 11-step strategy for a hassle-free sale or access our buyer guides to navigate the buying process.
Read Testimonials from Previous Clients
Visit our blog section for other insightful market updates and hints & tips.
With our area guides and live feed of local market data, you can stay informed about the latest trends in the property market in Warwickshire and make well-informed decisions.
