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The start of 2024 has proved positive for the Midlands property market, as demonstrated in market activity in January and February which has continued into March.
There is definitely a feeling of spring in the air, despite the weather, with both buyers and sellers expressing a more positive sentiment and are confident to enter the market.
As we progress into summer, we expect to see this trend continue, so now is a good time to be moving whether that is upsizing, downsizing or relocating.
The following stats show the data as to what has been happening in the property market across the Midlands in our ten offices across the region:
ASKING PRICE ACHIEVED – 99%
Strong demand continues across the region with a steady flow of new properties coming to the market, rather than a flood (pardon the pun) thus keeping sales prices steady.
This demonstrates the importance of correct pricing. Hit the sweet spot and a sale will follow, but over ambitious asking prices will result in a longer timeframe and inevitable price adjustment.
It’s an excellent time to sell because, not only are lots of properties now selling, but they are also gaining almost full asking price. This is a big step in the right direction. As there are many properties coming to the market, there is therefore lots of choice so it is also a good time to buy.
SOLD PROPERTY – 8% INCREASE
8% increase in net sales, year-on-year (March 2024)
This is the best indicator yet that buyers are more comfortable with the market we are in. Interest rates are slowly coming down, energy prices are easing and swap rates, (the cost the Government pays to borrow money), are also coming down. All-in-all, with a more positive economic outlook, property sales remain strong.
BUYER DEMAND:
Registered buyers increased by 58%, year-on-year. (Feb 2024)
Buyer demand, evidenced by new applicant registrations remains stronger than 2023, with higher numbers of new applicants registered on our books and consequently higher numbers of viewings, resulting in offers and all-important sales
Date Posted
April 4, 2024
Article Category
Author
Lucy West
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