Buyers or sellers market?
House Sales Up 14.8% on 2023 as Mortgage Rates Fall
The number of agreed UK property sales until the last Sunday of January (28th) is 8.35% higher than a year ago. Tumbling mortgage costs have encouraged buyers and sellers to return to the property market. Therefore, house sales are up!
There is a more buoyant picture for the UK property market in the first four weeks of January 2024. This is compared with the same first four weeks in 2023.
Every UK region has seen an increase in the number of properties selling (subject to contract) in January 24 vs January 23. The most significant rise was found in Inner London, which was up 25.14% year-on-year. This was followed by the South East, at 20.02%. The South West came next at 16.18%. Most other regions (West Midlands, Outer London, North West, Yorkshire, Ulster, East Anglia, Wales, East Midlands & North East) increased by between 12% and 15%. The smallest rise was in Scotland at 4.45%.
As well as increased property sales, the supply of UK properties on the market is 13.95% higher than a year ago
According to Zoopla, London experienced the most significant rise in potential buyer interest. It had a 21% uptick in new buyer inquiries. This surge was the highest recorded across all UK regions.
Current Harlow Property Market Snapshot
I calculated where Harlow’s property market now stands. I have incorporated our most recent findings for January 2024. The numbers and statistics have been taken from the website ‘The Advisory’ (https://www.theadvisory.co.uk/). They have calculated the market state stats for many years. I am sharing them from the summer of 2018 to January 2024.
This is the time to be realistic with your pricing if you’re going to put your Harlow home on the market.
So, what sort of market are we in?
The measurement of whether it’s a buyers’, balanced, or sellers’ market is based on the proportion of properties marked as “Sold STC” and “Under Offer” compared with the total number of properties on the market. For example, if there are 45 properties SSTC and 100 properties available/for sale, then 45 as a percentage of 100 is 45%.
This isn’t just a numbers game; it’s a gauge of market sentiment:
- Extreme Buyers’ Market (0%-20%)
- Buyers’ Market (21%-29%)
- Balanced Market (30%-40%)
- Sellers’ Market (41%-49%)
- Hot Sellers’ Market (50%-59%)
- Extreme Sellers’ Market (60%+)
The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.
Firstly, lets look at CM17
CM17 Currently stands at 43% so is deemed to be sellers market.
I will write more about this in another blog.
Secondly, let’s look at CM18.
Currently CM18 stands at 56%. This is the highest ranked Harlow postcode. This is definitely a sellers market.
I will write a blog about this as well.
Thirdly, here’s what CM19 is doing.
Currently CM19 stands at 45% which is also a sellers market.
Finally there’s CM20.
Currently CM20 stands at 51% so once again, a sellers market.
What does Jukes Estate Agents Harlow say?
Co owner Geoff Flewers commented on this data. He said:
“I write blogs on this almost every week”.
“I write blogs about this very subject”.
“The Harlow property market is still not a sellers market in my opinion”!