As November nears it's end, the UK property market reveals key trends that shape buying, selling, renting, and letting activities. Shifts in the economy and regional differences in house prices are shaping the property market in Purley, Croydon & Surrey. This months update looks at the key trends and insights to help you stay ahead in the market.
The Office for National Statistics (ONS) reported that average UK house prices increased to £293,000 in August 2024, reflecting a 2.8% annual increase from the previous year. This growth is driven by consistent demand, with regional variations: England’s average price was £310,000 (up 2.3%), Wales £223,000 (up 3.5%), and Scotland £200,000 (a notable rise of 5.4%).
*Data from ONS October 2024 Bulletin
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 Purley, Croydon & Surrey 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.
Get Pre-Approved:
Securing a mortgage pre-approval before beginning your search for property in Purley, Croydon & Surrey not only shows your commitment but also gives a clear picture of your budget. This proactive step strengthens your negotiating position in competitive scenarios.
Assess Future Costs:
Consider upcoming changes to mortgage products or rates that might affect affordability down the line. This will ensure long-term financial stability when buying your home.
Arranging the right mortgage finance to suit your individual needs is crucial, especially in an increasingly competitive mortgage market and changing economic environment. Receiving trusted and honest advice from industry experts can help you secure the property you want. This is why we recommend Private Finance, an independent mortgage broker established in 1999, who is well respected by mainstream institutions, private banks and other specialist providers.
Sellers are seeing increased market activity. Recent Rightmove data indicates a 27% rise in sales agreed year-on-year, reflecting strong demand, though 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 capturing buyer interest while remaining competitive.
Not on the market yet? Shinerocks is your local estate agent in Purley, Croydon & Surrey.
Generate a full report on your own property including an instant estimated valuation.
Set an Accurate Price:
Overpricing can deter potential buyers, while competitive pricing draws more interest. Our expert valuation team can ensure your property stands out.
Staging Matters:
Enhance your property’s appeal with small but impactful changes - decluttering, home staging, updating fixtures, or a fresh coat of paint can create a lasting impression. Kerb appeal is key; tidy gardens and inviting entrances can make all the difference and elevate buyer interest.
Flexible Viewings:
Accommodating buyer schedules with flexible viewing times demonstrates serious intent to sell and can capture interest faster.
Shinerocks has served Purley since 1995 and 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.
Generate a full report on your own property including an instant estimated valuation.
Did you know that the UK’s oldest surviving house is over 11,000 years old and located at Star Carr in North Yorkshire? The dwelling offers insight into Britain’s early settlement patterns, illustrating how the evolution of housing has shaped today’s market landscape.
From the oldest to the largest! The UK's biggest private residence, Wentworth Woodhouse in South Yorkshire has over 300 rooms and spans 250,000 square feet. Its grand Baroque and Palladian architecture is an incredible example of Britain's rich historical legacy and reflects how luxury and scale remain a unique part of the property market.
In stark contrast, one of the UK's smallest detached houses, at just 290 square feet, was recently marketed for £1.2million in Chelsea, West London, which highlights the creativity and premium pricing often found in high-demand urban areas.
The UK property market is expected to remain stable as 2024 closes, 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.
Shinerocks brings you all the latest property market news each month. For more localised property news in Purley, Croydon & Surrey, please contact the team at Shinerocks on 020 8660 2010 or enquiries@shinerocks.co.uk.
Note: The information in this article is based on data as of November 2024 and may change. Always seek professional advice for specific circumstances.
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