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01344 207 404Is the market operating at two speeds?
We are well into 2024 now and this gives us a great chance to comment on what we have seen so far in the high-end market place.
Let's start with a huge positive, over the first few months of this year we have seen a 34% increase in new buyers registering. This huge increase in new buyers is very much welcomed and we are confident that it will feed the higher end of the market.
One key thing to point out in the buyer registration is the actual position of these buyers. The amount of buyers that have registered and have a property to sell, or their property is already on the market is up by 38%. A fantastic sign that people are more than aware of the market conditions we have experienced over the last twelve to eighteen months, accepted it, and are ready to do business again, and do it sooner rather than later.
We have seen a decrease in inflation, a decrease in mortgage rates compared to this time last year and the start of this year saw good signs with GDP rising by 0.2%. All of this could be supporting the positive start to the property market.
For properties priced £1m upwards across the areas we operate in Berkshire, Surrey and Hampshire, we have seen 185 new properties listed. 71 have been market as SSTC which shows a listing to sale ratio of 38%. This is up by 4% year on year, however still no where the same search for properties listed below £1m where the listing to sale ratio is a whopping 73%!.
This is why the market is operating at two speeds. Properties that are priced accurately from the start have to best chance of selling, whereas properties that are overvalued are not moving and the majority of the time are reducing in price, not just once, but twice or more!
An example of this below…
6 Months on the market, First reduction of £100k, 2nd reduction of £50,000, overall a 10% price change and still showing for sale.
Whether you are considering your next more or failing to sell with your current agent book a valuation today with your local experts at Prospect Homes of Distinction to find out what is happening in your local market, And don’t forget to Register with us to find out about properties you’ll love before anyone else!
As always, you can discuss the property market further with your local experts by calling us on 01344 207 408.
