November Property Market Update
Welcome to the monthly Property Market Update from Harrisons Homes.
The budget left the property market relatively untouched, although there was actually good news for first time buyers. The chancellor kept their stamp duty exemption which means that if you are buying your first home you don't have to pay the charge on any property up to the value of £425,000.
In the main the market is still going strong, as it has done all year and will do for the remaining weeks. Here's a catch up in more detail...
For sellers
Rightmove's latest benchmark data reported yet another rise in average new seller asking prices during October, although the 0.3% increase is actually lower than would normally be expected for the time of year.
However, the really good news for sellers is that the number of sales being agreed was up by 29% year-on-year.
For buyers
The number of people contacting estate agents about homes for sale rose by 17% compared with the same time last year, but this was largely offset by the number of available homes for sale being 12% higher too.
What this means for buyers is that although they are in competition with others looking for properties there is more choice on offer - the key thing is to be a 'good buyer'.
That means having all your ducks in a row, paperwork in place and mortgage agreed - then a seller knows you're serious and with feel safe accepting your offer. Talk to us and we can help you with all of these things.
With financial markets still predicting two Bank Rate cuts before the end of the year and wage growth currently outpacing house price growth, things are looking good for buyers as this year ends and 2025 begins!
Secure sales
One of the biggest problems with buying your dream home is the length of time it currently takes for the legal system to 'complete' the sale.
This means that, even when you have an estate agent that works on your behalf as hard as we do, a sale can fall through for any number of reasons.
That's why we offer two ways of minimising this potentially heartbreaking risk - one is our 'Harrisons Homes Sale Ready' process and the other our 'Harrisons Homes Secure' Reservation Agreement package.
You can find out all the details you need here
We're always here for you - call us on 01795 474848, email hello@harrisonshomes.co.uk or come into our office at 2 West Street Sittingbourne for a chat about your plans and we'll help make them reality.
All the best
Chris & the Harrisons Homes team