Get ready for property market moves at this busy time of year
Despite the challenges of higher mortgage rates, there are encouraging signs of increased activity in the property market. Whilst the national average house price has only nudged up by 0.1% over the past year to £265,600, all regions across the UK have seen price increases in the first half of 2024. This suggests a resilient market that's adapting to new conditions.
For people in the North East of England, this could be positive news. The region hasn't experienced the price drops seen in some southern areas, potentially indicating a more stable local market. This stability might offer you more predictability when considering your property's value. If you want to find out the value of your home, contact Anthony Jones Property, and we’ll be more than happy to help you.
Looking ahead, Zoopla anticipates a gradual but steady increase in UK house prices, potentially reaching around 2% growth by year-end. This measured growth could benefit you as homeowners, potentially increasing your property's value without causing dramatic market fluctuations.
Greater housing supply is great news for all
One particularly promising development is the surge in housing supply. There are more homes for sale now than at any point in the past six years. This increased choice is excellent news if you're considering moving, as you'll have a wider selection of properties to choose from. It's also driving more sales, with agreed sales up 16% compared to last year and 22% above pre-pandemic levels.
Interestingly, many buyers are 'upsizers' looking for larger homes, often to accommodate growing families. This trend could be advantageous if you're considering selling a smaller property, as there may be increased demand from this group of buyers.
It's worth noting that buyers are now paying a higher proportion of asking prices – currently 96.8%, the highest in 18 months. In practical terms, this means houses are selling for an average of £16,600 below asking price. For you as potential sellers, this narrowing gap between asking and selling prices could mean more realistic expectations and potentially quicker sales.
While there's been no immediate impact from recent government announcements, long-term plans for economic growth and increased home building could benefit both homeowners and renters. Keep an eye out for any future base rate cuts, as these could boost market activity and consumer confidence.
Regionally, there's been a bit of a north-south divide in price growth. While some southern regions have seen slight declines, areas like Northern Ireland and Scotland have experienced growth. Although specific figures for the North East weren't provided, the absence of mentioned declines suggests the region may be faring better than some others.
These trends paint a picture of a stabilising market with potential for growth. For Wynyard and Darlington homeowners, this could mean a good balance of opportunity – whether you're looking to sell, buy, or simply gauge the value of your current property. The increased supply and steady demand could create a more balanced market, potentially offering you more options and negotiating power in your future property endeavours.
We are here to help you move in and around Wynyard
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01740 807107.
