Housing Market Intelligence with John D Wood

Following a tumultuous stretch in 2023 characterised by economic instability and political shifts, the dawn of 2024 emerges as an opportune moment for individuals contemplating the sale of their homes. As the echoes of the challenging 2022 autumn budget fade into the past, a resurgence of buyers has become evident, demonstrating a keenness to act prior to the forthcoming general election.

With inflation holding and mortgage rates settling, the property market is thriving with the understanding that no election will be called until the second half of the year. Buyers and sellers are factoring this into their plans. We're experiencing a very positive uptick in market appraisals, applicant registrations, instructions and offers from buyers which are leading to terms being agreed. We believe these improved market conditions are fuelled by steady mortgage and interest rates. 

Prices are also starting to show signs of strengthening, due to this renewed confidence and the supply-side impact of sales taking place. As we cautiously navigate our way through some tough economic times, price stability is in itself encouraging the activity we are seeing across the board. Our belief is that the property market is not about whether prices are up or down, but whether sellers and buyers feel confident. Negotiations between parties are tighter than in recent years but the confidence we are seeing in the market, whether one is looking to downsize or enter the market, means conditions are far better than they have been for a while. 

The confluence of returning buyers, stable mortgage rates, and a buoyant market sets the stage for favourable selling conditions. Amidst these developments, opportunities like Auriens beckon homeowners to explore new horizons tailored to their evolving lifestyles. 

Auriens presents an appealing option for individuals whose children have grown and moved out, leaving behind a cherished family home that may now feel too large to manage. Partnered with Auriens, John D Wood & Co. is available to provide guidance tailored to your specific situation, whether you're contemplating downsizing or taking your initial steps into the property market. Our services encompass sales, lettings, surveying advice, and more, designed to address your property-related needs.

To request a valuation or to learn more, please telephone 020 7352 1484 or email chelsea@johndwood.co.uk