January Property Market Update
Welcome to the monthly Property Market Update from Harrisons Homes.
2024 is now well underway and activity in the property market in and around Sittingbourne has hit the ground running.
It's a similar picture all over the country as there's good news all round, whether you're looking to buy a new home or want to sell. Let's take a look at some of the main things that are behind the positive picture as we move towards Spring...
For sellers
The latest industry benchmark figures from Rightmove show that nationwide average new seller asking prices saw the biggest December to January increase since 2020.
Buyer demand in the first week of 2024 was 5% higher than in the same period last year too. The number of potential buyers contacting estate agents like us about homes for sale is always a good indicator of where the market is heading.
However, probably the most positive indicator for how good 2024 looks for sellers is that sales agreed were 20% higher at the start of the year than in the same period in 2023.
For buyers
There's plenty of good news for anyone looking to buy a new home too.
For a start there's more choice, as the number of new properties coming onto the market for sale is 15% higher than at the same time last year.
Probably the most important positive for buyers is good news about mortgages. Although the Bank of England have decided to keep their interest rate at a 15 year high, lenders are looking forward to future rate cuts by offering cheaper fixed-year deals.
The average 5-year fixed mortgage rate fell to 4.86% in January, compared to 6.11% in July last year. Some best-buy rates are already closer to 4% and a much more stable mortgage market is already in place.
When mortgage affordability improves like this it's good news for both buyers and sellers and a good indicator that the property market will be strong in the months ahead.
Valentine's Day
We love to give something back so this month we've decided to offer a lucky winner a fantastic romantic glamping getaway in the heart of the Kentish countryside.
We've teamed up with Mount Ephraim Gardens, the country house set in 10 acres of gardens nestled between the historic market town of Faversham, the seaside town of Whitstable and Canterbury, to offer a one night stay in a Glamping Pod.
We've also added two 2024 season tickets for you to visit the gardens as often as you like between the end of March and end of September.
You don't even need to be a past customer - anyone can enter online via our Facebook @HarrisonsHomes page or via Instagram @HarrisonsHomesUK account.
Read more here
With our unique marketing, zero week contracts and peace of mind reservation agreements we're leading the way to show how a modern estate agency really should work.
Find out more by talking to us today - email hello@harrisonshomes.co.uk, call us on 01795 474848 or even better pop into the office in Sittingbourne for a chat!
All the best
Chris & the Harrisons Homes team