Published: 09/09/2024 By Loney Miller
Whether you’re on the market already or planning your next move, we’ve got some encouraging news as we move into the final quarter of 2024. Rightmove’s latest House Price Index reveals a strong and positive shift in the market. The post-summer surge in buyer activity is evident, with more properties being sold as we transition out of the holiday season and into one of the busiest periods of the year.How the market is currently performing
You may have seen that the Bank of England cut the base rate for the first time in four years at the start of August. According to the latest figures, this reduction has been a real confidence booster for buyers, making mortgages more affordable and sparking renewed interest in the property sector. Add to that the fact that we’re seeing 5% more new sellers entering the market compared to this time last year, and it’s clear that the property scene in London is gearing up for a dynamic autumn.
What this means for buyers
If you’re thinking about buying a home in South West London, now is a fantastic time to start your search. The base rate reduction means mortgage rates are becoming more affordable for many and following the traditional summer holiday lull, we’re now seeing more sellers coming to the market. Whether you’re a first-time buyer or looking to move up the ladder, this increase in stock and positive momentum could help you find your dream home. If affordability has previously been an issue in your property search, it’s a good idea to get in touch with a mortgage advisor as soon as you can to find out how the drop in the base rate could help your situation. Rightmove’s weekly mortgage tracker shows that the average five-year fixed mortgage rate is now 4.80%, an improvement from 5.82% a year ago.
What sellers need to know
Those considering selling will also benefit from this upturn in the market, as we’re seeing a 16% increase in sales agreed compared to this time last year. Even more telling is the 19% jump in potential buyers reaching out to estate agents since the 1st of August, compared to the same period in 2023. Buyer demand is high, and it’s not showing signs of slowing down as we move into the last few months of the year.
As we enter autumn, with the distractions of the school holidays and general election behind us, we expect the property market to remain strong. It’s crucial to partner with an estate agent who not only understands the local landscape but also knows how to make your property stand out in a crowded market.
At Loney Miller, our local knowledge and commitment to our clients ensure that we’re perfectly positioned to help you achieve your property goals. Whether you’re buying or selling, we’re here to make the process as smooth and successful as possible.
To find out more about how we can help, call us on 0208 945 7555 or fill in our contact form to request a callback.