Gloucester Property Market Report – February 2024
Posted on 8th March 2024 at 09:55
This month we wanted to take a quick look at what has happened across the first two months of 2024 compared to the same period last year.
Latest figures nationally show that demand for properties is up 11%, new properties coming to the market is up 10%, sales agreed are up 15% and the number of properties available is up 21% but how do we compare here in Gloucester.
For the first two months of 2024 there were 744 new properties advertised compared to 666 in 2023 so an increase of 12%. Sales agreed were 20% higher than for the same period last year whilst the volume of available properties increased by 14%.
It should be remembered that for the vast majority of 2023 mortgage rates were increasing in line with Bank of England base rate rises so it is encouraging that the levels seen in 2024 are improved on 2023. This suggests that the majority of people are coming to terms with the fact that current mortgage rates are likely to be here for the foreseeable future and providing you have the deposit the option of buying is still an attractive one.
With the latest budget making tax changes which will impact on second home owners more so than family home owners it remains to be seen how the rest of the year pans out and in particular whether investors try to offload some of their portfolio of properties or wait and risk a change of government at the next election potentially undoing some of the changes announced earlier this week.
For those people looking for property it is well worth making sure that your online search is giving you the best opportunity to find a property to suit your requirements. There are currently 442 properties on the market that have been so for more than 8 weeks and of those 382 have been so for 12 weeks or more so potentially there may be greater flexibility on those properties prices. If your budget is £300,000 then search up to £350,000 as you may see properties around the £325 - £330,000 mark that may have been on the market for some time and won’t appear if you are only searching to £325,000. Whatever your current price point for your search then increase at least one level and pay attention to the date the property was advertised. Similarly with your area search it is a good idea to extend it slightly beyond your current perimeters. A property may be 0.1 mile outside your designated area and for that reason your computer will exclude it from your search results so by expanding your area wider you may see something you would previously have missed.
As always, if you have any questions or require any assistance then please feel free to message us, call 01452 260 993 or email enquiries@rbwalters.co.uk.
Share this post: