Our final market update of the year brings lots of good news as we head into 2024, At last, we have a “normal” marketplace! 2023 ended up a lot better than many of the experts predicted and the impending doom of a crash that the media liked to churn out is now chip paper.
A more stable market brings an increase in buyers, especially around the middle of the market, so think of family movers. With Rightmove reporting buyer demand is up by 6% overall, it is a great sign for what is to come. The Average mortgage rates have fallen for 19 consecutive weeks, the average 5-year fixed mortgage rate is now 5.11% compared to 6.11% in July. This is great news and we hope to see more reductions to come especially as the Bank of England has held the base rate since August. If you are considering applying for a mortgage in 2024 then take a look at our blog Looking To Buy Your First Home but Not Sure Where to Start?
Some property prices find themselves readjusting slightly still in York, as sellers look to price their property competitively by listening to their agent's advice. Sellers should still consider their marketing price carefully before listing their property as usually the first couple of weeks of a new property launch brings the most interest. You don’t want to damage the prospects of your sale by pricing your home incorrectly at the beginning of the process! Rightmove’s House Price Index reported average house prices have seen a reduction of 1.9% in December nationally once again. The average time to find a buyer is 62 days in York at the moment, by pricing right this can be much quicker.
The conveyancing process (the legal stage after an offer is accepted) is still taking around 12 – 16 weeks at the moment but with new updated Consumer Protection Regulation (CPR) guidance now in place we hope to see a reduction in the time it takes to navigate the legal process and fall through rates across the country, as sellers are advised to instruct a conveyancer at the time of marketing. This means they can get off to a quick start once they have accepted an offer. We think buyers will soon recognise this best practice and follow suit. Instructing a good quality local solicitor who is on top of their workload can make a huge difference to the typical stress levels experienced when buying and selling a property, doing this as early as possible in your journey can make a significant difference.
And finally, a little round-up for us…
Indigo Greens has had big success this year with various award nominations, award shortlisting and award wins, a plethora of local and national media coverage, successful local school projects and visits as well as many successful completed property sales. We are excited to see what 2024 has in store for us as we continue to grow personally, as agents and as a business. If you haven’t spotted our yellow agents or boards yet, you soon will!
Thank you to all our family, friends, industry colleagues around the world and by no means least our clients who have continued to support us and recommend Indigo Greens as York's best 5-star local estate agent.
We would like to wish you a very Merry Christmas and a Happy New Year.
Written by Emma
