Sittingbourne January 2024 Market Update
It has been an incredibly busy start to the year for the Sittingbourne property market
Interest rates continue to come down steadily, inflation is moving in the right direction, and wages have been on the rise.
After a difficult and unpredictable 2023, all of the above has meant confidence has returned to the market and this is backed up by the latest data from Zoopla.
Sub-5% mortgage rates have meant buyer demand is up 12% on a year ago.
In Sittingbourne, new properties to market are up 30.88% on January 2023 and sales agreed are up 35.11%.
Unsurprisingly, new listings and sales agreed are significantly up on December as well, but this is to be expected with the time of year.
This is great news for the market, but we must not forget that there is increased competition between sellers and more choice for buyers with lower budgets.
Improved market conditions are increasing the number of properties selling, but you can’t assume this means you will automatically get a higher price as well.
The average UK estate agent is only achieving 95.4% of the asking price originally set and price reductions are 33.91% higher than this time last year.
1 in 5 sellers are actually accepting offers at more than a 10% discount on the asking price and this is more to do with pricing your home realistically from the outset as opposed to the market dropping.
At Harrisons Homes, we achieve on average 97.06% of the original asking price and none of our sales have been agreed for more than a 10% discount on the original asking price.
50% of our sales in January are actually agreed at or above the asking price and on average we negotiate our clients an extra £6,958.88 in their pocket.
If you would like to find out more about how Harrisons Homes can maximise the price of your home, please do get in touch.