Gloucester Property Market Update January 2024
Posted on 2nd February 2024 at 10:05
In this article we look at some of the numbers behind the first month of 2024 and what is happening with the property market here in Gloucester.
The average price of a Gloucester home is now £278,406, down 1.5% on the previous month and some way below the average for Gloucestershire at £386,138. Properties in Gloucester remain one of the fastest selling amongst the largest 50 cities in England with properties on average taking 55 days to find a buyer. This places Gloucester 7th fastest overall and significantly faster than the South West generally at 74 days and UK as a whole at 71 days on average.
January saw 15% more properties listed for sale in the UK than for the same period in 2023 with buyer demand up 5% and sales agreed up 20% and the table below shows how we have fared here in he picture is slightly different here in Gloucester.
|
|
2023 |
2024 |
|
Properties listed |
283 |
356 |
|
Sales agreed |
193 |
225 |
|
% of Properties SSTC |
68.19% |
63.20% |
As you can see whilst the increase in the number of properties listed for sale is higher than the UK average the increase in the number of properties having a sale agreed is running very much in keeping with the UK average. Because of the higher volume of properties coming to the market the overall % of properties that are sale agreed has dropped when compared to the same period last year.
This does suggest that a high number of properties are being advertised at a higher price than they should. Interestingly a fifth of those properties that have had a sale agreed accepted an offer more than 10% below the asking price. It remains imperative when marketing your home for sale that you price sensibly. Listen to the advice of your estate agent and make sure that they can justify and show evidence to back up the price they are suggesting. There are estate agents who are simply overpricing to gain an instruction before using the tie in period of your contract to get you to reduce it to a price that is realistic. It is sensible to get at least two and probably three estate agents out before you choose which one to use. Ultimately when moving home the key is to make sure that the difference between what you would like to sell for and what you want to buy for remains the same. It may be that you get an offer less than you were hoping but if you can then secure a property and keep the difference between the two the same then it really doesn’t matter. In fact, you will be better off as all the associated costs will be slightly cheaper.
It is important to make sure if you are looking to move home that you have all your ducks in a row. Once you have had your valuations, speak to a financial advisor who will be able to help you understand how much you can borrow but importantly how much you can afford depending on all the other things that you have/want to spend your money on. The average 5-year fixed rate mortgage is now 4.86% compared to 6.11% in July 2023 and the Bank of England report that mortgage approvals are currently at 6 month high. It is the third month running that the number of mortgage approvals has increased. Furthermore, January has seen the majority of lenders fighting for business and it is expected that rate cuts will continue so a good financial advisor can make sure that you are fully updated with the best deals available for you.
As always if you need to sell to buy then get your property on the market first, secure a buyer and give your self the best chance of being successful when you see the home you want. Don’t worry about having a buyer and not finding something. You can’t be forced out of your home if you have nowhere to go.
Finally, if you are looking to sell, instruct a solicitor at the same time as you arrange your valuations. New material information laws mean that estate agents will need certain information to advertise your property for sale and it may be your solicitor can help with that. Instructing a solicitor early can, in some cases, identify any potential issues with your title and start to resolve these early but also save time by getting all your initial paperwork and ID checks completed so that they are ready before a buyer is even found.
All in all, the property market continues to see good levels of activity and the forecast is encouraging. If you have any questions or require any assistance then please feel free to message us, call 01452 260993 or email enquiries@rbwalters.co.uk
Tagged as: Property Market
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