The Local Property Market Update April 2024

The recent RICS (Royal Institution of Chartered Surveyors) residential survey from the globally recognised professional body, reports that buyer demand has put a spring in the step of the housing market.

The latest RICS UK Residential Survey results show a steady improvement in sentiment, with buyer demand and sales expectations going forward seeing a rise in positivity.

According to the survey, buyer demand has continued to rise, with a net balance of +8% of respondents citing an increase in new buyer enquiries during March, making this the most positive result since February 2022.

On the property supply front, the flow of new listings coming onto the sales market increased for a fourth successive month, with a net balance of +13% of respondents noticing a pick-up in new instructions in March.

Whilst house price trends have grown less negative for the seventh month in a row, rising from a net balance of -67% in September 2023 to -4% in March. This suggests a more stable picture is now in place.

Price Sensitive

With increased demand and improving market activity, we are seeing some agents and homeowners being tempted to take this as a green light to inflate asking prices. The reality is that the market remains very price sensitive and the asking price of a property during the initial marketing period is the most critical element to finding a buyer.

The recent Rightmove House Price Index sums it up nicely, it confirms that the average time to find a buyer is 71 days, the longest at this time of year since 2019. Attractively priced properties are quickly being cherry-picked, but over-optimistically priced sellers are taking much longer to find a buyer.

Indeed our own experience locally is that properties that are marketed at over-market values attract much less viewing interest, this initial marketing period is critical and if overpriced can often mean active buyers will not view and properties remain unsold.

See our most ‘Recently Sold Properties’.

Recently Listed homes

We have seen an increase in the number of new properties coming to the market in April, here are some of our most recently listed homes for sale –

7 Acres of paddocks for sale in Farnham – Guide Price £1,500,000

House for sale in Liphook – Guide Price £975,000

House for sale in Haslemere – Guide Price £875,000

House for sale in Godalming – Guide Price £625,000

Victorian house for sale in Chiddingfold – Guide Price £565,000

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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