Market Comment (October 2024)
The end of October is often a scary time of year, and this isn’t just about Halloween. There is an Autumn Budget that has many people worried, a lot of people, but things aren’t all bad, even in the property market, and even when there are challenges, it’s possible to move forward with confidence by working with highly experienced professionals.
Home Sellers Feeling More Confident
On the topic of confidence, information contained in the Asking Price Index for October 2024, from Home.co.uk, suggests homeowners who are selling their home have confidence.
There was a 0.3% growth in house prices in England and Wales, with home prices increased by 1.7% compared to October of 2023. For new instructions in the market, the September 2024 figure was 4% higher than the 2023 equivalent, and 12% higher than 2019. There is also a feeling that overall, stock levels are higher than they were compared to ten years ago.
While each individual or household has their thoughts on how the market performs, and what is available to them, there are clearly positive markers in the market. If you’re looking to make a move, we can help you out, so get in touch and we’ll get you moving before the end of the year.
Rightmove also believe property stock levels are up
The feeling that stock levels are higher right now isn’t just related to the market confidence shown in the Home figures, Rightmove are far more explicit. The leading property portal said the number of houses being sold is close to one-third higher on the year-on-year figures, as of October 2024. The company says the number of homes on sale are at a 10-year high.
They also say the traditional surge in autumn house prices hasn’t happened because buyers have so much choice to consider in the market.
Tim Bannister is the director of property science at Rightmove, and he said: “Sales activity has not only bounced back from the low of last year but has continued an upward trajectory. There is also a healthy level of underlying buyer demand as people continue to plan their next move.”
First-Time Sellers Need More Support
A survey by Upstix found 46% first-time sellers (FTSs) say their mental or physical well-being suffered due to the process of selling their first home. These respondents also cited high-stress issues like unexpected costs, late buyer pullouts and the complicated sales process.
Frederick Jones, CEO of Upstix, said: “Yet, while we readily recognise how important it is to support First-Time Buyers, First-Time Sellers find themselves the forgotten many. They’re under-valued and under-protected by a system that simply isn’t on the seller’s side, which has serious implications for their well-being and finances, as well as for the wider market.”
It’s natural there is focus on first-time buyers (FTBs) in the housing market, but there should be support for all parties in the market, especially those experiencing something new. The sales process is extremely different from the buying process, and many sellers are also trying to buy property at the same time. This creates for a highly pressurised situation.
At Trading Places, we aim to make the process as simple as possible for sellers. We know the local area well, we know what buyers are looking for, and we know the common problems that arise. We use our expertise to make things easier for you, and hopefully we’ll make the sales process less stressful, regardless of how experienced you are.
We make sure you make an informed move
If you would like to learn more about Leytonstone, what the area has to offer, and how to achieve your goals in the local property market, we can help. To arrange an appointment, call us on 020 8558 1147 or send us an email at info@tradingplacesproperty.com
You will find Trading Places Estate and Letting Agents at 46 Church Lane, Leytonstone, London, E11 1HE; and we look forward to assisting you.
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