Surrey & Hampshire Property Market Update – October 2024

Rightmoves recently published House Price Index shows that the number of sales agreed is 29% up on the same period last year. The report also confirms ‘a healthy level of underlying buyer demand as people continue to plan their next move.’ With the number of people contacting agents about homes for sale is up by 17% compared with this time last year.

Although the report is less positive on the average price of property coming onto the market, which has been a little disappointing having only increased by 0.3% in the past month, “much lower” than would be expected at this time of year.

The comment from Rightmove says: “This is a much lower monthly increase in new seller asking prices than is typical at this time of year, with the long-term average October rise being 1.3%. This much more muted than usual Autumn price bounce comes as buyer choice increases to a level not seen for 10 years, putting downward pressure on price growth.”

Sellers Price to Sell

The report continues that this month’s limited price growth is also partly down to some sellers pricing attractively to find a buyer, particularly with seller competition rising.

‘Some sellers appear to be acting on this caution, contributing to limited price growth and better buyer affordability. This is helping to keep the number of sales being agreed consistently and strongly ahead of the quieter market of this time last year.’

‘We’re not seeing activity slow down, but some market commentators report that some movers are now waiting for Budget clarity and anticipated cheaper mortgage rates later this year. However, others state that movers are largely just getting on with plans.’

More Homes Available For Sale

The Rightmove report also confirms that the number of available homes for sale is 12% higher than at this time last year, indeed at Clarke Gammon, as an average across our branches the number of homes for sale is at its highest since 2014.

Competition for buyers is particularly intense at the top end of the market, where the number of four and five bedroom detached homes available for sale is 17% ahead of last year. It’s a buyer’s market, reinforcing the need for sellers to price competitively while affordability is stretched and choice is high.

Whilst affordability is still the biggest issue facing many movers, with mortgage rates still high compared to recent years, although if the largely anticipated Bank of England rate cut comes to fruition, it could be the boost that many buyers-in-waiting need.

See our most ‘Recently Sold Properties’.

Recently Listed homes

Here are a selection of some of our most recently listed homes for sale –

House for Sale in Liphook – £1,025,000

House for Sale in Liphook – Guide Price £625,000

House for Sale in Liphook – Guide Price £925,000

House for Sale in Guildford – Offers Over £550,000

House for Sale in Guildford – Guide Price £550,000

House for Sale in Midhurst – Guide Price £500,000

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 Move this Autumn?

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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