Selling Price Remains Crucial | Property News October 2024
Our Sales Director Jake looks at the latest data from the property market and reiterates the importance of getting your asking price right from the outset if you're looking to secure a timely sale.
Did the influx of market activity continue?
We’re now 9 months through the calendar year of 2024 and if you’ve watched some of our previous videos this year, you'll have heard me talk about how busy the market has been, especially over the Summer months, so the question is, did this activity continue into September?
Well, it certainly did! Once again when we look at the data from across our region (that we have access to via our friends at TwentyEA) we can see a huge increase in sales year on year … with September seeing 29% more sales agreed across our region, and year-to-date sales are up nearly 20% up last year.
So the data is showing that this increased confidence we’ve seen this year from sellers and buyers very much continues at present, and with mortgage rates – whilst still nearly double what they were around 3 years ago – gradually getting lower. This is a positive sign for sellers and buyers and does bode well for the market over the coming months.
Increase in asking price reductions tell the story
However, one trend I did pick out of the data in September was the number of price reductions. If you watched my last video you will recall me saying that we could see a lot more property coming to the market this year, particularly over the summer and that this greater choice for buyers would mean sellers would have to get the asking price right to ensure their property stood out and attracted buyers. So, it wasn’t a surprise to me to see a lot of properties reducing their price in September following that influx of properties to the market over the previous months. However, the number of price reductions did surprise me a little as it was actually the highest we’ve seen in a single month for many years.
Advice to sellers
So my advice for sellers remains the same – pick the right agent from the outset and try and get the price right from the start. Always be aware of agents who give you a valuation that seems to be plucked out of thin air with no evidence of recent sales of similar properties to back it up. If it seems too good to be true, it probably is! Of course we can understand that sometimes you might feel you really need to test the market at a higher price initially…but try to avoid leaving it too long if it doesn’t attract a buyer before you review the price.
Closing thoughts
Finally, let's touch on the 30th of October and the government's upcoming budget. There has been some speculation about potential changes to capital gains tax, inheritance tax and even possible changes to stamp duty tax. We will have to wait and see what the impact might be of any changes that get brought in but of course,e keep in touch with us through these videos for the latest developments.
As always, thanks for watching (or reading), and we'll be back with more property news next month.
