October Property Market Update
Welcome to the monthly Property Market Update from Harrisons Homes.
After summer ends the property market always quickly gets more active after the annual seasonal slowdown. This year it looks like the traditionally busier autumn has started early and the indications are that it will be even stronger than usual too.
Rightmove's industry benchmark data paints a national picture and it's usually reflected in what's happening locally in and around Sittingbourne. That's certainly the case this time round as there's good news for everyone!
For sellers
September usually sees a monthly rise in house prices as demand picks back up. This year the figure reported by Rightmove is double the long-term average, with asking prices up by 0.8%.
The number of sales agreed was up by 27% year on year too and so as we move forward into the last quarter of the 2024 these are both very encouraging figures indeed for anyone putting their home on the market.
For buyers
Although prices may have gone up earnings are now rising faster than both inflation and house price growth. Together with cheaper mortgages off the back of the recent Bank of England interest rate cut - the average 5-year fixed mortgage rate is 4.67%, having peaked at 6.11% in July last year - buyers are in a far better position than for quite a while.
New sellers coming to market were up by 14% on this time last year nationally and more choice is always good news for buyers who have everything in place to put an offer in fast.
This last point can be key in securing your dream home, as the average time it's taking for a seller to find a buyer is still around 60 days pretty much everywhere in the country.
Quality counts
At Harrisons we believe in giving our sellers the very best of everything - that's because we know that quality counts, especially when it comes to marketing your home.
Owner Chris Ellis posts regular Facebook Reels that explain how we work and why we do things a certain way. His latest explains our approach to marketing in detail and gives you an insight into why we are the best choice if you want to sell your home in Sittingbourne and the surrounding areas.
Have a look here and make sure you follow our FB page for all our latest properties and market insights from Chris and the team.
We're always here to talk to you about your thoughts and plans for moving, call us on 01795 474848, email hello@harrisonshomes.co.uk or pop into the office at 2 West Street Sittingbourne - we'd love to see you!
All the best
Chris & the Harrisons Homes team