As the spring season hits its peak, homebuyers and sellers alike are gearing up for what promises to be an exciting time in the property market. Whether you're in the market for a new home or considering selling your current one, there are several key factors to consider that could greatly influence your decisions.
Abundance of Options
Springtime typically brings a surge of listings to the market, providing prospective buyers with a plethora of options to choose from. This year's market is particularly robust, with a remarkable 41% increase in new instructions year-to-date (YTD) compared to the same period last year, and a staggering 71% increase compared to 2022. Additionally, there has been a noteworthy 23% increase in Market Appraisals (MA’s) YTD versus the same period last year, marking a 127% rise from 2022. With such a significant influx of listings, buyers have far more choice than in previous years.
Favourable Interest Rates
One of the most significant factors driving activity in the property market is the expectation of a marginal decrease in interest rates in the coming weeks. This reduction is poised to lower borrowing costs, making homeownership more affordable for many buyers. Lower interest rates not only benefit buyers by reducing their monthly mortgage payments but also increase purchasing power, allowing them to consider homes that may have been previously out of reach.
Optimal Pricing Opportunities
For sellers, the current market conditions present an opportune time to list their properties. Despite a slight decrease in the number of properties sold compared to 2022, there has been a remarkable 62% increase in net sales versus the same period last year, with a notable 21% rise compared to 2022. Moreover, sellers have seen a 43% increase in properties sold YTD versus the same period last year, further indicating a robust market. With such strong sales figures and increased buyer activity, sellers are likely to achieve their optimum prices now rather than wait until later in the year, when uncertainty surrounding events like the US election and a possible UK election could impact buyer confidence.
Improved Sentiment
Overall, sentiment in the property market has seen a positive shift, buoyed by several factors. Despite a slight decrease compared to 2022, there has been a 32% increase in viewings YTD versus the same period last year, with a 22% rise compared to 2022. Additionally, there has been a 27% increase in registered buyers YTD versus the same period last year, signalling growing interest in the market. This improved sentiment, coupled with inflationary pressures easing and house prices remaining resilient, bodes well for a robust and dynamic property market in the months ahead.
The peak of the spring market presents an opportune time for both buyers and sellers to make significant moves in the property market. With an abundance of options, favourable interest rates, optimal pricing opportunities, and improved market sentiment, now is the time to capitalise on the momentum and make informed decisions that align with your long-term goals.
Whether you're looking to buy your dream home or sell your property for maximum returns, the current market conditions offer a promising landscape for success. As the fastest growing premium agent John D Wood & Co. are ready to assist you with your property journey, and are 36% more likely to sell prime property than the average estate agent.*
Author:
Jimmy Waight
Head of Sales
*Data Source: Based on data from TwentyEA
