Navigating the property market in Newbury?

UNDERSTANDING the current market dynamics is essential whether you’re looking to buy a dream home or sell a cherished property.

Recent data reveals a fascinating surge in property transactions across the UK, with Newbury included in all this bustling activity.

As of April 2024, property sales and listings have increased significantly, indicating a robust market.

So, is Newbury a buyers’ market, favouring those looking to purchase, or a sellers’ market, giving an edge to those wishing to sell?

Up to Sunday, April 21, the number of UK homes that went under offer was 10.3 per cent higher than during the same period in 2023 – 377,217 home sales agreed compared to 341,271.

Every UK region has seen an increase in the number of properties selling. Yet what is more interesting is that the different regions have shown a remarkable uniformity in growth, signalling widespread confidence.

Although most pronounced in London and the South East, the growth spectrum exhibits a promising scenario for the UK property sector, with the narrow gap between the highest and lowest growth regions illustrating a cohesive national uptrend.

In addition to increased property sales, the supply of UK properties on the market in April 2024 was 11.8 per cent higher than in April 2023 – 654,913 properties for sale compared to 585,741.

This increase in the number of properties for sale is good news, as it gives greater choice.

Prospective purchasers and vendors are witnessing a rise in confidence as mortgage rates, after climbing sharply last year, have begun to decline recently.

Inflation stands at 3.8 per cent, a steep fall from the 9.6 per cent high of October 2022.

Furthermore, average mortgage rates have settled, with many banks and building societies now offering decent rates.

Despite these positive signs, house price levels are expected to hold steady, with the market remaining buyer-friendly due to mortgage affordability issues.

The easing of mortgage costs has undoubtedly sparked renewed interest and dealings in the property market, particularly after a lull period in the second half of last year, when many considering a move put their plans on hold.

This revitalisation is anticipated to boost the volume of homes sold, which had dipped to an 11-year low of just over one million in 2023.

Nevertheless, it’s unlikely this momentum will cause a marked rise in house prices in

2024.

Homeowners planning to sell in 2024 may be buoyed by this uptick in market activity, but they should temper their expectations as buyers remain keen on value, which could dampen the pace of recovery in the market.

So, what sort of market are we in?

We are transitioning into a market where sellers must be more strategic, flexible and patient.

It would help if you braced yourself for your home to be on the market for longer with an extended marketing period.

Realistic pricing is even more vital than ever. Setting at the right price is crucial for attracting suitable buyers.

For Newbury buyers: Expect intense competition if you’re interested in highly soughtafter types of properties.

Securing mortgage pre-approval can put you ahead of other prospective buyers.

Remember, four out of five sellers are also buyers, so what you may lose on the sale might be compensated for on the purchase.

Final thoughts: Stay flexible, stay informed and remember that your home-moving experience is as much about the journey as the destination.