As we navigate through the final quarter of 2024, it's time to take a moment to reflect on the trends and fluctuations we've seen in the housing market, particularly in our local areas of Purley, Croydon, and Surrey.
The last two years have been quite the journey for homeowners! Since September 2022, when house prices last peaked, we've experienced a rollercoaster of changes that have significantly shaped the current property market.
From fluctuations in demand and supply to evolving economic conditions, each factor has contributed to a complex yet rather fascinating market environment. During this period, many prospective buyers have grappled with rising interest rates, with affordability becoming a pressing concern.
Following the peak in 2022, the market saw a decline in house prices along with a noticeable reduction in both transaction volume and supply. The challenges being faced by home movers prompted many to rethink their strategies - some opting to hold off completely, while others seized the opportunity to invest at lower price points. But this adaptive approach is a testament to the resilience of our local property market, where demand remained steady despite the pressures!
Good news emerged in the early months of 2024, as we witnessed a reversal of this trend. Increased supply and stabilising prices began to breathe new life into the market. Current statistics suggest that there has been a slight rise in house prices to date, estimated at between 1 and 3%.
This gentle upward movement is a promising sign for both homeowners and prospective buyers, indicating that the market is continuing to find its feet.
At present though, the market appears to be experiencing a noticeable pause. Many buyers seem to be hesitant, potentially waiting for significant economic announcements, including Rachel Reeves’ upcoming budget later this month.
This rather more cautious approach has led to a short-term stickiness in the market, and we’ve noticed that some sellers are once again reconsidering their timing and pricing strategies.
Adding to this cautious sentiment is the hope that we might see further reductions in interest rates and mortgage costs soon. It’s these factors, combined, that are contributing to the slightly slower activity we’re seeing in October.
However, it's crucial to remember that markets are cyclical, and periods of stagnation often precede significant growth.
Looking ahead, I am optimistic about what the future holds for our local housing market in Purley, Croydon and Surrey. The expected increase in property supply, coupled with a potential decline in interest rates, certainly points towards a more dynamic environment in the final months of 2024 and into 2025.
This means that for buyers searching for property in Purley, Croydon and Surrey, these developments could present exciting opportunities.
Furthermore, as an experienced and passionate estate agent, I believe that the combination of increased supply and stabilising prices will create a healthy, competitive market. So, for those considering a move, it’s important to stay informed and ready to act as conditions improve.
As your local estate agent in Croydon, Purley and Surrey, Shinerocks pride ourselves on our deep understanding of the local market.
Our team is well-versed in the nuances of the areas we serve, and we’re here to provide you with the insights you need to navigate your property sale or purchase.
Whether you're a first-time buyer, you are looking to upgrade, or you’re a downsizer, our expertise ensures you make informed decisions.
While we may be experiencing a temporary lull in the market, there’s reason to remain hopeful. The prospect of increased supply and lower interest rates creates a favourable environment for growth.
So, let’s raise a glass to the resilience of the housing market! Here’s to the positive changes ahead, and let’s look forward to the coming months in Purley, Croydon, and Surrey.
If you’re ready to sell your property in Purley, Croydon and Surrey, our team at Shinerocks is on hand to offer you advice and support. No other estate agent has our extensive local knowledge and experience. We know exactly how to dress your property, how to market it, and how much it will sell for. We are your local estate agent, with national reach.
Get in touch with us today at enquiries@shinerocks.co.uk or call 020 8660 2010 and let us help you navigate your home moving journey.
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You can also call us on 020 8660 2010, or email enquiries@shinerocks.co.uk.
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