Our Penrith Office Celebrates a Year of Diverse Property Sales
Despite high inflation, a challenging economic climate and interest rate rises, our Penrith office, located in the heart of the town, is concluding a successful year with a wide range of property transactions. From 1-bedroom flats to multimillion-pound houses and expansive farms across Penrith and the Eden Valley, the office has catered to the diverse needs of the local property market in what can only be described as uncertain times.
It's been a dynamic year for our Penrith office, navigating through a variety of property sales that truly showcase the diversity of the current market. We've exchanged on everything from second homes and lock-up-and-leave properties to lifestyle-changing equestrian havens.
According to data provided by Rightmove that clearly demonstrates the town’s vibrant and varied real estate landscape, the majority of sales in Penrith for the year 2023 comprised terraced properties and townhouses. This mirrors many of the property sales we have seen through our own office.
In terms of market trends, Rightmove’s statistics reveal that the average price of properties sold in Penrith Town Centre in 2023 was £238,703. This data suggests a continued interest from first-time buyers, while also underscoring a substantial gap in the availability of family homes. This is a trend we have seen in our own sales. There is certainly a shortage of good quality family homes for those looking to step onto the second rung of the property ladder, and we hope the market dynamics will evolve next year to address this imbalance. Rural properties are another sector also in high demand especially if they have a small amount of land suitable for a horse or pony or for hobby farming, and space for home working.
Post Covid and into the early part of this year there was a huge lack of property being brought forward onto the open market. This has totally changed, and we are pleased to highlight that there has been a significant increase in available properties on the market, with November 2023 seeing more than double the stock compared to the same period last year. This development is attributed to growing market confidence in all sectors of the market resulting in a noticeable rise in market appraisals and instructions.
Looking ahead to the upcoming year, we are optimistic about the market's trajectory, we have many new instructions in the pipeline and are eagerly awaiting the opportunity to bring them to the market at the start of 2024.
As the year draws to a close, on behalf of everyone here in the Penrith H&H Land & Estates team I would like to express our gratitude to clients, partners, and the local community for their continued support. We are committed to delivering exceptional service, contributing to the thriving Penrith property market, and we are looking forward to another successful year in 2024.
To discuss putting your property on the market in 2024, please contact the Penrith office on 01768 840619 or at [email protected].
