Property Market Update | Q1 2024

11th April 2024

The number of properties for sale has increased by 26.04% compared to a year ago and is also 19.09% up on the six-year average.

This will give more choice for buyers and increased competition for sellers, thus limiting the rise of property prices coupled with higher interest rates.

However, there are still 37.33% fewer properties for sale now than there were 10 years ago, which means supply is still on the lower side.

New listings are 18.86% higher than Q1 last year and this highlights that confidence from sellers to return to the market is continuing to increase.

This confidence is backed up by buyers with sales being agreed in Q1 2024 up 18.97% on last year and returning to average levels for the past half a dozen years.

However, this confidence should not be confused with unrealistic expectations which can be seen by the rise of asking prices being reduced and the number of properties withdrawing from the market.

The number of price reductions in Q1 2024 were 19.11% higher than Q1 2023 and 33.57% up on the six-year average.

Properties withdrawing from the market were up 55.96% in Q1 2024 versus Q1 2023 and they were 29.74% higher than the six-year average as well.

This shows that overconfidence from both sellers and agents is continuing to impact the number of properties reducing their price and ending up not selling.

Properties that are priced and marketed in the correct manner are however finding a buyer and still achieving a good price.

It all comes down to getting the price, the agent, and the marketing right from the start to give you the best chance of selling in this price sensitive market.

In conclusion, the market has proven very resilient locally, whilst battling against a more difficult economic climate.

This just goes to show what a solid bet investing in bricks and mortar is, and for those that were waiting for prices to fall off a cliff, the wait continues.