Roundup of the Property Market in 2024
As we approach the end of 2024 and the festive season is nearly upon us, it’s the perfect time to reflect on how the property market has performed over the past year. This month’s video—our final one for the year—will take you through the highlights and key trends that shaped the market in 2024.
2024: A Strong Year for the Property Market
Looking back, the property market has performed much better than we anticipated a year ago. This is evident in two key areas: a significant increase in sales and the return of positive price growth.
Sales Growth in 2024
First, let’s talk about sales. Thanks to data provided by TwentyEA, we can see that across our region, sales from January 1st to November 30th, 2024, are up an impressive 18% compared to the same period in 2023.
- Sales (in our region):
- 2023 (1st Jan – 30th Nov): 17,415 sales, avg. price £215,382
- 2024 (1st Jan – 30th Nov): 20,596 sales, avg. price £213,295
Positive Price Growth
The rise in buyer confidence has also led to positive price growth this year. When comparing averag e house prices, properties sold in 2024 show prices approximately 7% higher than last year.
However, it’s worth noting that this 7% increase doesn’t necessarily reflect a direct rise in the value of all homes. Instead, it likely points to a stronger performance in the mid- to upper-market sectors, with more £300k-£400k+ family homes selling this year. This activity naturally lifts the average sale price.
That said, many properties have still seen some degree of price growth in 2024.
Looking Ahead to 2025
While there’s talk of interest rates potentially falling more slowly than expected, the early part of 2025 is still shaping up to be a positive period for the property market in our region.
We’ll be back next month with our predictions for 2025, so be sure to hit the subscribe button to stay informed.
In the meantime, we’d like to wish everyone a very happy festive period. Thank you for watching, and we’ll see you next year!
