Spring Property Market UK 2024
As the days grow longer and sunnier, and optimism fills the air, spring emerges as one of the prime seasons to sell your property in the UK. At Noble Estates, we’re witnessing an improving market, with valuations soaring by over 50% compared to March 2023. With a promising pipeline of new listings set to hit the market in May, including two exceptional properties, the stage is set for an exciting spring property market.
Exceptional Properties Await
Among the notable listings, we have a luxurious 7-bedroom, 5-bathroom double-fronted house on the prestigious Lavender Gardens SW11, just off Clapham Common. Priced at £4 million, it is a rare gem in one of the area’s most coveted roads. Additionally, we present a stunning 4-bedroom mews house near Clapham South, boasting gated off-street parking, with a guided price of £1.95 million.
Key Market Drivers
Despite global challenges, the UK economy is on a path of recovery, with economists predicting inflation to reach the desired 2% mark in the first half of the year. This downward trajectory is expected to gradually ease interest rates, making mortgages more competitive. Notably, first-time buyer registrations have surged by 20% compared to last year, indicating renewed confidence in the market.
Market Trends
London continues to lead the property market, with signs of a robust recovery. Noble Estates anticipates modest growth in 2024, accompanied by increased transaction volumes. Already, we’ve observed a 10% rise in sales agreed in Q1 2024 compared to the same period last year. Stability is paramount, fostering confidence among buyers and sellers and driving market activity.
In regions like Eastbourne and surrounding villages, where we have recently expanded, market dynamics typically follow London’s trends with a slight delay of 4-6 months. As summer approaches, the allure of countryside living and access to quality education prompts migration from the city, further stimulating the market.
Preparation is Key
To maximise your property’s value in this thriving market, meticulous preparation is essential. We recommend the following steps:
- Obtain Multiple Valuations: Seek valuations from at least three local agents to gauge the true worth of your property.
- Financial Consultation: Consult a financial broker to understand your borrowing capacity, especially if you consider onward purchasing.
- Research Onward Buying: Conduct thorough research on where you intend to buy next, ensuring it aligns with your preferences and requirements.
- Property Preparation: Invest time in decluttering, addressing maintenance issues, and giving your property a thorough spring clean to enhance its appeal to potential buyers.
Looking Ahead
As we venture into the vibrant UK property market of Spring 2024, opportunities abound for both buyers and sellers. At Noble Estates, our commitment is to guide you through every step of the process, ensuring a seamless and rewarding experience. For a free, no-obligation valuation of your property, contact us at 033 0124 7777.
Let Noble Estates be your trusted partner in realising your property goals this season.