North West Property Market Turning The Corner In 2024
We are delighted to be able to report that the uplift in the North West property market they predicted for the New Year is well underway.
2024 is fulfilling its exceptional promise, with excellent numbers of properties registered for sale in January so far, and a corresponding jump in enquiries from would-be buyers.
There has been a very significant rise in activity for us across the region. Sales are being completed on a wide range of different types of houses at every pricing level, and we are continuing to offer buyers and sellers our full support and service to help them achieve a successful sale or purchase.
Our Penrith office is leading the way with six sales agreed within the first week of January alone. Some of the properties that remained unsold from last autumn have now sold; our portfolio of housing stock has increased more than 50% from this time last year, and we have a fantastic selection of properties coming to the market in the next few weeks.
This bright picture is the same across the whole region, perfectly illustrated by the example of our Cockermouth office, where we added properties totalling £2.5 million in value to our stock in the first two weeks of January, and at the same time secured sales agreements for properties amounting to over £1.5 million.
Online national property platform, Rightmove, has reported a record-breaking rise of 26% in housing offered for sale on Boxing Day this year compared to the same day last year, and a 15% increase in the number of new properties coming to the market over the same period last year. National figures include a 5% rise in buyer demand in the first week of January and a 20% increase in sales agreed.
The January figures give every indication of a very considerable improvement in the market in the North West in 2024. The later months of 2023 were very subdued with a low number of listings and sales compared to 2022. Now our experience shows that our offices are if anything performing slightly better than the national trend, and the housing market is already showing very positive signs of greater confidence after last year’s caution.
We still advise sellers to prepare their properties meticulously in order to achieve optimum results without delays, but we are seeing growing interest from buyers already, particularly for family homes, and our experience also matches the national figures, according to Rightmove there has been an average 1.3% rise in asking prices in January, the biggest December to January increase in prices since 2020.
The average 5-year fixed mortgage rate is now 4.86% versus 6.11% at the height of July 2023, and indications that interest rates may fall further during the year can only help encourage buyers and sellers to make the move they couldn’t make last year. All of us at H&H Land & Estates are optimistic that we will be able to help a much larger number of clients achieve their property goals in 2024.
For further information, please contact your local H&H Land & Estates office at:
