Property Market Update – The Past 12 Months
The past twelve months have certainly been an interesting and evolving period for the property market. While much discussion has centred around wider economic policy and the recent Autumn Budget, which in the end proved broadly property neutral in its overall impact on housing, the most significant factor influencing the market has been the gradual easing of interest rates and the renewed confidence this has brought to buyers and sellers alike.
During the latter part of last year we began to see a steady shift in sentiment across the housing market. As lenders slowly started to reduce mortgage rates and introduce more competitive products, affordability improved for many prospective buyers who had previously paused their moving plans. As a result, a growing number of purchasers began re-entering the market, bringing with them a welcome increase in activity and optimism.
Encouragingly, this positive momentum has continued into the New Year. The first quarter of the year has proven particularly strong, with January, February and March all showing very healthy levels of buyer engagement. Across our offices we have seen a significant uplift in new enquiries and registrations, with approximately 80% more buyers being registered compared with earlier periods.
Naturally, this increase in buyer interest has resulted in a much greater number of property viewings taking place. Most importantly of all, this activity has translated into a notable rise in sales being agreed, which is always the strongest indicator of genuine confidence returning to the marketplace.
It is also worth noting that many buyers currently searching are highly motivated. A significant proportion of those registering are actively looking to secure a property within the coming months, particularly as mortgage products become more competitive and borrowing conditions improve. This combination of increased buyer demand and improved lending conditions has helped create a far more balanced and active market than we experienced previously.
As we now approach the latter stages of the winter and move closer to the spring selling season, the timing for bringing a property to the market could not be more favourable. Traditionally, a large number of properties come onto the market during April and throughout the spring period, meaning that sellers who launch their homes slightly earlier often benefit from a stronger level of buyer attention before the wider choice of properties becomes available.
For this reason, March and April can be an excellent time to begin marketing a property, allowing sellers to take advantage of the current levels of demand while also positioning their home ahead of the traditional spring rush. In addition, with Easter falling relatively early this year, many families are already beginning to plan potential moves ahead of the summer months, further increasing buyer activity during this period.
At Acres we have been particularly encouraged by the level of engagement we are currently seeing across all price ranges. From first-time buyers through to those seeking larger family homes or executive properties, the appetite to move is clearly returning, which is extremely positive for the overall health of the market.
If you are considering a move and would like to discuss the current market conditions in more detail, we would of course be delighted to assist. Whether you are ready to begin marketing your property immediately or are simply exploring your options for later in the year, our experienced team would be very happy to provide honest advice and guidance.
Equally, if your plans have been placed on hold for the time being, please do remember that we are always here to help whenever the time feels right. The property market can change quickly, and having an up-to-date understanding of current values and buyer demand can often be extremely useful when planning ahead.
Should you wish to talk through your potential move, arrange a valuation, or simply obtain some friendly advice, please feel free to give us a call or drop us an email at any time. We would be absolutely delighted to hear from you and assist in any way we can.
Are you thinking of selling your property and want to check how much your home is worth? You can get an Instant Valuation here.
If you would like to discuss selling your home, please get in touch with us This email address is being protected from spambots. You need JavaScript enabled to view it. or call any of our busy, helpful teams/offices:
Four Oaks 0121 323 3088
Sutton Coldfield 0121 321 2101
Walmley 0121 313 2888
Great Barr 0121 358 6222
Lettings 0121 312 4997
Thank you for reading this article, and your interest in Acres and our property for sale.
Nigel & Jayne Deekes – Acres Partners
Acres; proud to be family owned, managed, run and to have been serving the North Birmingham community for 34 years.
