The Property Market in March

March 27, 2024

Wondering what’s going on in the local housing market? Our Managing Director, Stephen Tetlow, describes the effect of the spring budget and predicts oncoming trends in the market.

Some of the minor changes introduced by the Chancellor during the recent budget will go some way in encouraging more buyers into the housing market. Also, the ongoing combination of the cost of borrowing, balanced against current asking prices, will continue to affect and determine the volume of successful residential sales transactions throughout the remainder of 2024.

Realistic and competitive asking prices have, and always will, attract the most interest when a property is first brought to the market. Our current experience of the level at which buyers make their initial offers reflects this.

As spring begins, we traditionally see a surge in the number of homes brought to the market. The increase is a great advantage to those looking to buy, providing added choice. This surge creates an advantage for those looking to sell. It is important to consider the increased competition when choosing a pricing and marketing strategy.

With current interest rates and mortgage rates unlikely to change in the coming months, a period of financial stability should ensue. From buyer and seller perspectives, this would be positive. With persistent fluctuation in day-to-day living costs potentially unsettling and challenging, more stability should invigorate the housing market.

If you’re a homeowner looking to sell, please contact your nearest branch. If you’re searching for a home, feel free to take a look at properties on our website, here.

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