Deciding to sell your home is a significant choice, where having the best advice at the very beginning of the sales process can ensure that the transaction runs smoothly from start to finish. If you are selling your Cheshire property, it is vital that you get an accurate property valuation to get your property journey off to the right start.
Meller Braggins is a boutique property agency that is here to guide you at every stage of the sales process. We offer an expert, personalised service to all of our clients, as we know that every property is unique.
This guide is designed to help you deduce if 2024 is the right time for you to sell your property and if so, to help you along with the first few crucial steps of selling your home.
Is now the right time to sell your home?
While the decision to sell your property will largely depend on your unique circumstances, there are some motivations that are more prevalent to specific groups. Homeowners, for example, will be influenced by factors like growing families or relocating for work, while landlords and investors will be more concerned with financial yields.
Whatever your motivation for selling, a lot will depend on the state of the property market and how you approach the sale of your home. The same is true for properties sold across Cheshire, including in Altrincham, Knutsford, and Wilmslow, so getting the best local advice at an early stage is a definite must.
What is happening in the property market?
There’s no doubt that the news surrounding the property market was turbulent during 2023, with some alarming reports suggesting that house prices might fall as much as 20% by the end of the year.
Fortunately, this has proven to not be the case with the property market showing a good level of resilience. During November 2023, the UK House Price Index (HPI) showed an annual fall in house prices of 2.1%. This may appear to be bad news for sellers, but is much less of an impact on the housing market than was expected given the challenges faced by the economy in the wake of the COVID-19 pandemic.
Most analysts agree that house prices are likely to continue to fall in 2024, with predictions of a drop varying between 1% and 4%. Again, while this may sound like bad news, these estimates are considerably more conservative than the alarmist predictions appearing in headlines just a few months ago.
Are people looking to buy property in 2024?
While deciding on whether now is the time to sell your Cheshire home, it is important to consider if there is a healthy appetite amongst buyers for property. House prices are often treated as a good indicator of market demand for homes, but they don’t necessarily give the whole picture.
For example, while house prices have fallen in recent months, Zoopla* reported that the number of new sales agreed during November 2023 was 17% higher than in November 2022. The same report also noted a 19% increase in buyer demand for November 2023 compared to the previous year.
According to Zoopla, first-time buyers are set to be the biggest group of buyers during 2024 and could account for as many as 40% of all purchases. This is great news for sellers looking to upgrade their property to a larger home, as it will generate a competitive market for available properties.
However, while this is positive news, it should be noted that the latest figures from HMRC, the number of completed residential transactions for November 2023 was 22%more than those of November 2022. Although this suggests a clear drop in sales, it is worth remembering that most experts now believe that the greatest shock to the property market has now passed and that sales will more closely resemble historical norms in 2024.
Speaking to Property Industry Eye**, Tom Bill, head of UK residential research at Knight Frank, said UK housing transactions are a fifth below their five-year average, which has been the real story of this slowdown rather than a fall in prices as buyers adapt to higher rates.”
“However, given that inflation has dipped below 4% and mortgage rates are heading in the same direction,” he added. “We expect sales activity to be stronger over the next six months than the last six.”
Also speaking to Property Industry Eye, CEO of Propertymark, Nathan Emerson*** recently said that “his organisation is optimistic that the peak of the turmoil in the property market has passed.”
During December 2023 the Bank of England (BoE) announced its decision to hold its Base Rate at 5.52% for the third consecutive time. This was welcome news for borrowers with sub 4-5% mortgage rates returning to the market, which resulted in a flurry of interest in property sales.
However, it remains to be seen how December 2023’s unexpected rise in inflation from 3.9% to 4% will impact mortgage rates, or perhaps more importantly, the BoE’s Base Rate when it is announced again in February 2024.
Some comfort can be taken from the fact that while mortgage rates remain higher than their lowest point in 2021, they are still closely aligned with historical averages of 5.62% since 1995. This means that despite what you may read in headlines, buying or remortgaging a property is still an affordable option for many.
This will be doubly true for buyers looking to invest in higher-quality pro[erties during 2024.
"We are expecting a flight to quality in 2024, properties that view well and are maintained to a high standard will continue to attract interest and sell for a high price,” explains Richard Greenham from Meller Braggins.
“Due to the increase in the cost of building materials properties requiring updating will need to be realistically priced in order to achieve a sale. Properties in the catchment areas for well renowned schools particularly seem to be attracting good levels of interest at present.”
Overall, it is expected that there will be strong interest from homebuyers going into 2024, even if house prices and mortgage rates aren’t expected to drastically fall until 2025.
(H2) Talk to Your Local Property Experts
If you are thinking of selling your home in 2024, it’s best to speak to property experts as soon as possible to get the best legal and financial advice. Meller Braggins have proudly served Cheshire residents since 1836, providing boutique property services to thousands of satisfied customers.
To book a valuation in preparation of a property sale, simply visit the Meller Braggins website, or call us on 01565 656544 and we’ll help get your sale off to a flying start.
**Property Industry Eye - Tom Bill, head of UK residential research at Knight Frank.
***Property Industry Eye - Nathan Emerson, CEO of Propertymark
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