Your December 2024 Property Market Update

 

As we head towards the end of 2024, shifts in the economy, regional differences in house prices, and changes in rental demand are shaping the property market in Kent. Our latest housing market update looks at the key trends and insights to help you make informed decisions about moving home.

---

Property Market Overview

According to Rightmove, the average new seller asking prices drop by 1.4% (-£5,366) in November to £366,592, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters. However, despite the dampening effect of the Budget, market activity remains stronger than last year:

• The number of sales being agreed is still 26% ahead of the quieter market at this time in 2023.
• The number of new sellers deciding to move and coming to market is 6% ahead of the same period a year ago.
• Rightmove’s real-time data shows some early signs of a post-Bank-Rate-cut uptick in buyer demand, though we still expect activity to tail off as usual towards Christmas.

---

Maximise Sale Success

Sellers are seeing increased market activity. Despite strong demand, buyers remain price-conscious due to economic factors including cost-of-living pressures and mortgage rate fluctuations. For sellers, this means striking the right balance in pricing is critical to acquiring buyer interest while remaining competitive.

---

Tip for Sellers:

Setting the right price for your property in Kent is crucial for attracting serious buyers quickly. We will expertly value your home so that you achieve the price you deserve for your property. Additionally, you may wish to consider staging your home for viewings. Decluttering, making necessary repairs, and enhancing kerb appeal can all elevate buyer interest, potentially leading to faster offers at or above the asking price.

---

More Competitive Rates for Buyers

The Bank of England recently adjusted its base interest rate to 4.75%, improving mortgage affordability for many buyers. This adjustment has made mortgage rates more competitive, offering prospective homebuyers in Kent an opportunity to access lower monthly payments and enhanced affordability compared to the peak rate levels seen in previous months. Lower interest rates can also boost buyer confidence, encouraging more first-time buyers and existing homeowners to consider entering the market or remortgaging for improved terms.

---

Tip for Buyers:

Securing a mortgage pre-approval before beginning to search for property in Kent not only demonstrates your commitment to proceed but also gives you a clear understanding of your budget. This proactive approach makes you stronger in a competitive market, particularly when competing against cash buyers or those without mortgage pre-approval.

For mortgage advice with no broker fees, book your mortgage appointment with Quealy & Co Financial Services Ltd.⁠ ⁠

01795 505761⁠

mortgages@quealy.co.uk⁠ ⁠

*Your home may be repossessed if you do not keep up with your mortgage payments*⁠

Quealy & Co Financial Services Limited is authorised and regulated by The Financial Conduct Authority. No: 919693.⁠ ⁠

---

Looking Ahead

Housing market confidence improved during 2024 on the expectation of interest rate cuts. Even though the latest cut did not flow through to fixed mortgage rates, it gave a further boost to sentiment.

The UK property market is expected to remain stable as 2024 comes to an end, with potential growth of 2.5% to 4% predicted over the next two years. Economic shifts, interest rate adjustments, and evolving housing policies will continue to shape market trends.  

---

Moving Home in Kent?

Quealy & Co brings you all the latest property market news each month. For a more localised property report for your specific postcode, please contact the team on 01795 429836 or email hello@quealy.co.uk . We’d be happy to send you one for free.

You can also use our instant online valuation tool if you want a ballpark figure of your home's value to sell or to let: Click here .

---

Note: The information in this article is based on data as of November 2024 and may change. Always seek professional advice for your specific circumstances.