Spring is in the air as property prices continue to rise
By Steve Cook – Partner Clarke Gammon
The Local Property Market Update March 2024
The springtime is my favourite season, with spring flowers in bloom and buds on the trees, the lighter evenings and warmer days are a traditionally busy time in the property business.
Although since the beginning of the year, we’ve been increasingly busy, from early January we have seen signs of an improving market and this has gone from strength to strength.
It is encouraging to see confidence return to the local Surrey and Hampshire property market, particularly with sellers that have previously been nervous of making the move due to the economic uncertainty, but with the positive signs from the economy and more competitive mortgage rates, sellers are returning to the market in increasing numbers.
Buyer activity has also seen a significant increase in March with the increasing stock levels, the availability of more affordable mortgages and continued high rents seem to be driving buyer demand.
The positive market activity is not limited to the local south-east market, the trend looks to be across the country as a whole, as the recently published Rightmove House Price Index confirms –
Prices increase across the country
The Rightmove House Price Index is the property industry’s guide to how the property market across the country as a whole is performing, there will of course be regional variations but is great analysis of Big Data provides an overview of how the property market across the UK is behaving.
Asking prices –
The latest report confirms that average asking prices have increased at their highest rate for 10 months during March, showing the average price of property coming to the market for sale rose by 1.5% or £5,279 in the month to £368,118.
The figure is higher than the historic average March increase of 1.0% and is up 0.8% annually. Whilst average asking prices are still £4,776 below the May 2023 peak.
Sales agreed –
Rightmove’s analysis shows that the number of sales being agreed is 13% higher than at this time last year, while buyer demand is 8% above last year, led by the less mortgage-rate-sensitive larger homes sector and London. Agreed sales in the less mortgage-rate-sensitive top-of-the-ladder sector are now 18% higher than last year.
Interestingly, it confirms that it is this largest homes sector which is driving more people to get in touch with estate agents than at this time last year. In March so far, buyer demand for top-of-the-ladder properties is 12% higher than the same period last year, compared with 8% higher overall for all property types.
This mirrors our experience locally, with strong interest from buyers at the top of the market and a significant number of sales agreed being agreed of these high-end properties.
See our ‘Recently Sold Properties’.
Recently Listed homes
Here are some of our most recently listed homes for sale –
House for sale in Liphook – Guide Price £1,250,000
House for sale in Haslemere – Guide Price £925,000
House for sale in Aldershot – Guide Price £850,000
House for sale in Guildford – Guide Price £650,000
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
Considering a Spring move?
We have strong demand for properties in and around the towns and villages covered by our offices in Guildford, Haslemere and Liphook with many motivated buyers looking for a new home.
If you are considering a move please feel free to contact any of our offices, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
Why not try our instant online valuation tool?
Steve Cook
Partner Clarke Gammon
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