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3rd July 2024
Summer Property
Market Report July 2024
How the results of the General Election will affect the property market over the coming months is what many will be wondering about. The answer to that is we'll have to wait and see!
With
any 'free market' there is really only so much Westminster can do to influence
things - what really matters is that people always want to buy and sell homes
and their actions determine prices and activity.
During and immediately after previous General Elections
property market activity has remained largely steady and recent weeks have
followed a similar pattern. At the time of writing the latest data from
Rightmove show that our Lewes Road office has had the most 'sales agreed' of any Brighton estate agent office to date in
2024.
So where exactly do things stand in Summer 2024?
Strong and stable
The latest benchmark industry data from Rightmove covering the whole of the market reveals that the positive momentum built up so far in 2024 shows no signs of slowing down.
The average price of property that came to market for sale in June saw prices follow the familiar seasonal pattern - they remained at the levels of the all-time record high set in May.
This is mainly because the majority of buyers and sellers went ahead with their plans even after the election was announced. In fact, over the last month sales agreed numbers were steady and 6% higher than the same time last year.
Likewise, buyer demand is 5% higher than last year.
Change
Of course in the aftermath of an election there will always
be change, although it can be difficult to predict in which ways this will
affect property.
One positive aspect that is likely to happen at some point soon is a reduction in the base rate set by the Bank of England. The stubbornly high mortgage rates over the past year have certainly had a dampening effect, but unless inflation starts to rocket up again it's a fair bet that we'll see some good news sooner rather than later.
Brighton and Hove
Here in our city we have many unique aspects to our local property market. The fact is that people want to live here! That's always good news for both sellers and landlords, because it means that the market is generally healthy in spite of what might be happening elsewhere in the country.
It also highlights why it is essential to use the knowledge and skills of a really local independent estate agent when you want to sell your home. At Maslen we have a city-wide reputation that has been built up over many years and on top of that we’ve also been recognised for the 7th consecutive year as one of the very best in the entire UK for our results and levels of service in the Best Estate Agent Guide 2024.
So if you want to sell, buy or let a home anywhere in Brighton or Hove talk to us - we can help you achieve the result you're looking for.
Call 01273 677 001, email [email protected] or pop into our central hub on Lewes Road to have a chat with us face to face.