September’s Property Market Warming Up In Shepherds Bush and Hammersmith
September 2024
September’s Property Market Warming Up In West London
September is traditionally the start of the Autumn market and time for many families in particular to start looking for homes near new schools. September 2024 is no exception and with the glorious weather September’s property landscape showing an unexpected heated surge sooner than expected. According to Rightmove’s recent figures, the average new seller asking price has risen by 0.8%, equating to a £2,974 increase, bringing the typical price to £370,759. Buyer demand increased sharply in August coinciding with the first base rate cut in four years this has continued increasing confidence and activity from both buyers and sellers. With more available on the market and a sense of optimism, potential buyers are jumping at the chance to secure their homes before rates climb again or availability tightens. Many of our sellers we have been in touch with us over the past 18 months waiting for the right time to move, remortgage or get onto the housing ladder.
In fact, Kerr and Co have seen the number of sales agreed has risen by a striking 31 % compared to the same time last year indicating we have motivated buyers seizing the opportunity to act in the current market. Sellers are just as responsive with a number of new listings up 17 % from last year, the highest volume of available homes since 2015.
The Importance of Making Sure the Price is Right or Your Property Being Overlooked on Market
Price continues to play a critical role in achieving a sale. With more stock coming available, buyers have more choices, making it vital for sellers to remain realistic about pricing expectations. Homes that are priced accurately and competitively attract interest and offers follow, while those that are overpriced or poorly presented are at risk of sitting on the market for longer. We advise all our sellers to be realistic about pricing expectations, as an agent with over 30 years there is NO gain in overpricing a property, it can over complicate the sale and often properties are left on the market .
Is the Autumn a Good Time To Sell ?
The Autumn is a fantastic time to sell, with active buyers, mortgage rates on a downward trend, more property coming to market there is a sense of optimism and movement . However buyers still remain cautious as taking their time on viewings and coming forward with offers. There is a trend towards shopping around and being value-conscious especially amongst the younger market who are taking their time to ensure they secure the right home at the right price. With mortgage rates coming down and promising, the Halifax have reported the average 5-year fixed mortgage rate sits at 4.67%, and is a welcome drop from July’s peak of 6.11%. Buyers need to keep in mind as demand increases, it’s important your mortgage offer is ready, so you can make the move when the right property comes along. Other positive signs include the length of time to sell has improved in recent months from a peak of 78 days in January to 60 days in August.
Autumn Statement 2024
The upcoming Autumn Statement, due on October 30th, looms large over the property market and there much expectation as to how any housing policy announcements could impact various market segments, particularly with discussions around capital gains tax on the horizon. We can only keep optimistic as the market is in a good place at the moment. Landlords however will be looking closely at the budget and weighing up their options depending on what the Autumn Statement and the Labour Government will announce . Kerr and Co will be on hand for advice for any landlord wishing to offload their assets before potential tax changes take effect.
Autumn Market Tips
Kerr and Co expect the market to remain positive and optimistic with plenty of opportunities for both buyers and sellers alike. Whether you’re looking to move soon or still weighing your options, this season could be your chance to find that property of choice. For sellers, the current market offers a prime opportunity to sell before the year ends, especially for those looking to capitalise on the recent rise in activity. If you stick to the golden rules of instructing a recommended agent who is has in-depth knowledge of your area, agree a correct competitive price and present your home in its best light then you should be well on your way to a successful sale. Buyers, on the other hand, should take advantage of the wider choice of properties and the improving mortgage rates—but don’t wait to long to act when the right property comes along, as you may be disappointed.