Promising new year start as buyer and seller activity jump!

  • Average new seller asking prices rise by 1.3% (+£4,571) month-on-month to £359,748, the biggest December to January increase in prices since 2020, though average prices are still 0.7% lower than at this time last year
  • There has been some tentatively promising activity in the first week of the year, markedly stronger than a year ago, as more prospective buyers and sellers seem to have the confidence to get their 2024 moving plans started early:
    • The number of new properties coming onto the market for sale is 15% higher than in the same period last year
    • Buyer demand in the first week of 2024 is also 5% higher than in the same period last year. However, competitive pricing from sellers is still vital, with the number of new properties coming to market outpacing the rise in demand
    • The number of sales agreed is 20% higher than during the first week of last year, indicating a strong return of buyer confidence when compared with the unsettled post-mini-Budget period a year ago
  • Since Christmas, Rightmove has seen nine of its ten busiest days on record for people getting a Mortgage in Principle to see what they can afford to borrow, another early sign of movers getting their 2024 plans in place
  • The average 5-year mortgage rate is now 4.86%, compared to 6.11% at the July 2023 peak. While there may be more surprises to come, early indicators suggest a more stable year for the mortgage market after its volatility from September 2022 onwards

The average price of property coming onto the market for sale rises by 1.3% (+4,571) this month to £359,748. Prices typically rise from a quiet December into a busier January, but this price rise is the largest for January since 2020, and more than double the 20-year average of +0.6%. Average new seller asking prices are still 0.7% lower than last year, highlighting that many new sellers are being realistic about their expectations as the market continues to recover from the impact of volatile mortgage rates. However, the jump in the number of properties coming to market and the strength of this month’s price rise also show that new sellers are more confident about the outlook for the year ahead. Rightmove’s early snapshot of buyer and seller activity since the start of the year is tentatively promising for those looking to get their 2024 moving after a hesitant 2023.

“After a stop-start market in 2023, the initial signs suggest a smoother year for movers in 2024. More new sellers are now entering the market, and with more confident pricing. While the increased level of buyer activity that we’re also seeing may justify some of this increased pricing confidence from sellers, it’s important that sellers who are keen to find a buyer don’t get carried away with New Year enthusiasm when setting their price expectations. Elevated mortgage rates and the wider cost-of-living squeeze are still limiting buyers’ spending power. Accurate and realistic pricing for their local area is the recipe for success for sellers looking to get moving in 2024, and it’s been proven that over-optimistic pricing makes a move much less likely.”

Tim Bannister Rightmove’s Director of Property Science

Whilst it’s an early snapshot of 2024, both buyer and seller activity have jumped compared to the same period a year ago, indicating a return of confidence when compared with the unsettled post-mini-Budget period. The number of potential buyers contacting estate agents about homes for sale in the first week of 2024 was 5% higher than in the same period last year, with the growth in activity strongest in London and the North East.

The number of properties coming to market for sale is also 15% higher than at the start of last year, following a record number of sellers launching on Rightmove on Boxing Day. The North East and South West have seen the greatest addition of new choice for the increased number of new buyers. There remains no glut of homes for sale, with the total number of available properties just 1% above the more normal market levels of 2019. However, it is vital that those who are keen to sell price competitively, even with this new buyer activity, as the number of properties coming to market is outpacing the rise in the number of buyers enquiring.

The most positive early indicator for 2024 is that the number of sales being agreed is 20% higher at the start of the year than in the same period last year. This also shows that many sellers are pricing attractively enough to tempt buyers who were hesitant to commit a year ago when the outlook for mortgage rates and buyer affordability was much more uncertain.

Since the 27th of December, Rightmove has seen nine of its ten busiest days for prospective movers beginning the process of getting a Mortgage in Principle, to see how much they are likely to be able to borrow from a lender, and therefore the type of home that they may be able to afford. January is on course to be the busiest month for people getting a Mortgage in Principle on Rightmove since that service was launched in 2022. Whilst it is still early days, this is another positive sign of future movers getting their 2024 budgets and plans in place.

The average 5-year fixed mortgage rate is now 4.86%, compared to the peak of 6.11% in July last year. As some best-buy rates edge closer to 4%, and a first Base Rate cut since 2020 is expected later this year, there is overall a more stable backdrop for the mortgage market than at this time last year.

“Rightmove’s whole-of-market data puts us in a position to see the very earliest signs of activity in the market, and the number of new listings, buyer enquiries to agents, and sales being agreed are encouraging early indicators. Combined with our more recent Mortgage in Principle data, the numbers suggest that many are taking action to make their move in 2024, perhaps including some who paused last year due to the more unsteady mortgage market. A General Election is expected to be held during the second half of 2024, and traditionally we see a temporary slow-down in activity in the weeks before an election, as movers wait for the outcome and assess any impact that it may have on their housing plans. It will be important to keep a careful eye on this and on the impact of other economic news this year, but for now the data at the start of 2024 points to building momentum, and reasons for growing market optimism.”

Tim Bannister Rightmove’s Director of Property Science

ESSENTIAL TIPS FOR SELLING YOUR HOUSE IN NEWPORT PAGNELL

Selling a house can be a complex process, requiring careful planning and consideration. If you’re planning to sell your house in Newport Pagnell, this blog post will provide you with valuable information and tips to make the process smoother. From preparing your home for sale to choosing the right estate agent, here are some key points to keep in mind.

  1. Prepare your home: Before listing your house on the market, its crucial to make it as appealing as possible to potential buyers. Consider decluttering, depersonalizing, and deep cleaning each room. Repairs and minor renovations may also be necessary to enhance your homes appeal and increase its value.
  2. Set the Right Price: Determining an accurate and competitive asking price is essential for attracting buyers. Conduct thorough research on the local estate agents to evaluate your property’s value. Pricing too high can deter buyers, while pricing too low may result in missed opportunities.
  3. Choose a reputable estate agent: Working with an experienced and knowledgeable estate agent can make a significate difference in the selling process. Seek recommendations from friends & family, or neighbours, and interview agents before making a decision. Look for someone with a strong track record, who understands the local market dynamics.
  4. Market your home effectively: To attract potential buyers, its crucial to create a compelling marketing strategy. Your estate agent should be skilled at employing a variety of marketing techniques, such as professional photography, online listings, and social media promotions. Maximize exposure by leveraging both traditional and digital marketing channels.
  5. Stage your home: Staging your home involves arranging furniture, décor, and other elements to showcase its best features and create an inviting atmosphere. Consider hiring a professional stager who can optimize your homes aesthetics and help buyers envision themselves living there. Alternatively, you can also implement, staging techniques yourself by decluttering. Rearranging furniture, and adding fresh touches.
  6. Negotiate Wisely: When offers start coming in, its important to negotiate effectively to achieve the best outcome. Collaborate closely with your estate agent, who will guide you though the negotiation process, provide advice, and help you secure the best possible price and terms.
  7. Complete the required documentation: Selling a house involves legal documentation and paperwork. Ensure you have all the necessary documents ready, such as the property title deed, energy performance certificate (EPC), warranties, and any relevant permits. Consult with a solicitor or conveyancer to ensure a smooth and legally compliant transaction.
  8. Be Prepared for the conveyancing process: The conveyancing process involves transferring the property’s ownership from you to the buyer. It typically involves several steps, including property searches, enquiries, contract drafting, and exchange of contracts. Work closely with your solicitor or conveyancer to understand the process, respond promptly to requests, and resolve and potential issues efficiently.

Conclusion: Selling your house in Newport Pagnell can be a rewarding experience with the right preparation and guidance. By Following these essential tips, you’ll be better equipped to attract potential buyers, negotiate successfully, and complete a smooth sale. Remember to seek professional advice when needed, stay proactive, and maintain open communication with your estate agent throughout the process. Good Luck with your home sale!

HOW TO PLAN A SUCCESSFUL DOWNSIZE MOVE IN NEWPORT PAGNELL OR MILTON KEYNES

Planning a successful downsize move in Newport Pagnell or Milton Keynes requires careful organization and attention to detail. Here are some steps to help you plan and execute your downsizing move effectively:

1.Assess your current belongings: Start by taking inventory of all your possessions and evaluating which items you want to keep, sell, donate, or discard. Consider the size and layout of your new home and determine what will fit in the available space.

2. Create a timeline: Establish a timeline for your downsizing move to help you stay organised and on track. Set specific deadlines for different tasks, such as sorting through belongings, selling items, and packing.

3. Determine your new space requirements: Measure the rooms and storage areas in your new home. This will help you determine what furniture and belongings will fit comfortably in the new space and what you may need to let go of.

4. Decide on a downsizing strategy: Depending on your situation, you can employ different downsizing strategies. Some common approaches include selling, donating, gifting, or recycling items. Decide which strategy works best for you and start implementing it early in the downsizing process.

5. Get rid of unwanted items: Sell valuable items that you no longer need through online platforms, local classifieds, or car boot sales. Donate usable but unwanted items to charities or organizations in need. Properly dispose of items that are not usable or recyclable.

6. Plan your packing: start packing well in advance to avoid a last minute rush. Label each box with its contents and the room it belongs to, as this will make unpacking easier later. Pack essential items last, ensuring they are easily accessible when you arrive at your new home.

7. Notify relevant parties: Inform utility companies, banks, insurance providers, and other necessary parties about your move and provide them with your new address. Forward your mail to your new address and update your address with council, subscriptions, and important contacts.

8. Hire Professional movers or seek assistance : Depending on your needs and budget, consider hiring professional movers who specialize in downsizing moves. They can provide packing, transportation, and unpacking services. Alternatively, enlist the help of friends or family members to assist you with the physical tasks involved in the move.

9. Make a floor plan: Create a floor plan of your new home and determine where each piece of furniture will be placed. This will help you visualize the space and ensure a smooth transition during the move.

10. Take care of yourself: downsizing can be emotionally and physically draining. Take breaks, prioritize, self care, and ask for help when needed. Remember that downsizing is an opportunity to simplify your life and create a fresh start.

By following these steps and staying organised throughout the downsizing process, you can ensure a successful and stress-free move to your new, downsized home.

The Perfect Timing: When to sell your property in Milton Keynes or Newport Pagnell

Selling a property is a significant decision that requires careful planning and consideration. One of the key factors to ensure a successful sale is choosing the right time to list your property on the market. In the UK, market conditions, seasonal trends, and economic factors all play a crucial role. In this blog post, we will explore the best time to sell your property in Milton Keynes and Newport Pagnell, helping you make an informed decision that maximizes your chance of a profitable sale.

  1. Spring : The season of Blooming Opportunities – Springtime, typically from March to May, is widely considered one of the best seasons to sell property in the UK. The market tends to experience increased activity during this period as buyers emerge from the winter hibernation. The milder weather and longer daylight hours motivate potential buyers to actively search for properties. The garden is also at its best during spring, enhancing curb appeal and creating a positive first impression.
  2. Summer : Capitalizing on the vibrant Energy – Summer from June to August, presents a vibrant market for selling your property. Longer days and warmer temperatures contribute heightened buyer activity. Families with children often plan their moves during the summer break to minimize disruption to their children’s education. Furthermore, the allure of showcasing gardens, outdoor spaces, and the proximity to recreational activities can be a significant selling point during this season. However, its essential to note that competition may also be higher in the summer, so pricing and effective marketing strategies are crucial for a successful sale.
  3. Autumn : Harvesting the Benefits of the Season – As the leaves change colour and fall, autumn brings its own unique advantages for property sellers. The months of September to November offer a more settled market after the summer rush, attracting serious buyers who are eager to complete their transactions before Christmas. The cosy Atmosphere and warm colours of Autumn can create an emotional connection with potential buyers, focusing on features like fireplaces that provide a welcoming ambiance.
  4. Winter : Capitalizing on Reduced Competition – While colder months, December to February, might seem less ideal for selling a property, there is always a January rush after the Christmas break. With property portals claiming their biggest day of the year for customer traffic being Boxing day, it seems many people think about their life and starting a new chapter in the new year. The increased competition means many sellers look to market before the January rush to capitalize on reduced competition for serious buyers with a need to move. Motivated buyers, such as those looking to relocating for work or move closer to family can still be found. By creating a warm and inviting atmosphere indoors, you can make your property more appealing and capitalize on the opportunities present in the winter market.
  5. Summary –  Determining the best time to sell your property in Milton Keynes or Newport Pagnell requires careful analysis of various factors. Its important to remember that individual circumstances, regional variations and market trends can influence the optimal time to sell. Consulting a local estate agent, who knows the area, understands the market trends will be imperative to maximise the price you achieve and meet the timescale required.

 

Are you considering buying a property in Newport Pagnell?

1. Research the local market, Newport Pagnell is a small town, so its important to research the local property market to get an idea of what types of properties are available, what prices to expect, and what areas of the town are most desirable.

2.Look for a reputable estate agent: Working with a reputable estate agent who has experience in the Newport Pagnell market can be very helpful. They can provide valuable insight into the local property market and guide you through the buying process.

3.Consider the location: Newport Pagnell has a range of properties available, from historic townhouses to modern flats. Consider the location of the property you are interested in, including its proximity to schools, shops, and public transportation.

4.Check the local planning authority: If you are considering a property that requires any type of planning permission, be sure to check with the local planning authority to see if any planning permissions have already been granted or if there are any issues that may prevent you from making changes to the property.

5.Consider your long-term goals: When buying a property, think about your long-term goals and how the property will fit into them.

6.Understand the costs involved: Be sure to understand all the costs involved in buying a property in Newport Pagnell, including mortgage deals, legal fees, stamp duty, and survey costs. This will help you budget appropriately and avoid any surprises down the line.