As we move into the latter part of 2024, one of the most exciting developments is the anticipated increase in property listings in the coming weeks. The property market is poised to offer a wealth of opportunities for prospective buyers and sellers alike. The indications are strong for a positive shift with a potential "September bounce", offering a boost to both activity levels and buyer confidence and providing an excellent window for those looking to make a move.
Potential for a September bounce
The concept of a "September bounce" refers to the seasonal increase in property transactions that typically occur as the summer ends with many sellers eager to list their homes for sale or rent before the year-end. This creates a surge of new properties hitting the market as sellers look to capitalise on the renewed interest from buyers returning from holidays and children going back to school giving parents the breathing space to consider a move.
This year is no exception, with the bounce expected to be particularly noticeable, driven by the sellers holding back until after the election and now the change in the base rate from 5.25 to 5%. Many buyers who have been sitting on the side lines, waiting for the right moment, may now find the conditions favourable to make their move. This increased inventory will offer buyers a greater range of options, from first-time homes to investment properties and family residences. With more properties available, buyers will have the opportunity to be more selective, ensuring they find a home that truly meets their needs and preferences. Additionally, sellers will benefit from the heightened interest, as motivated buyers look to secure a deal to ensure a move can be made before or just after Christmas.
This surge in activity is expected to bring a welcome boost to the market, increasing the number of house sales and injecting renewed energy into the sector. For those considering buying or selling, the next few weeks could represent an ideal time to act, taking advantage of the heightened market activity.
Impact on House Prices
With greater choice and the potential for increased sales, the outlook for house prices is positive. While price growth may be moderate, the broader selection of properties and increased buyer interest should help maintain price stability across many regions. For buyers, this could mean a more balanced market where competitive pricing and negotiation are key, while sellers can still achieve strong results thanks to the heightened demand.
In conclusion, the local Hertfordshire market is set to offer more opportunities and choices in the coming weeks, creating an ideal environment for both buyers and sellers. The expected September bounce, coupled with a positive interest rate forecast, should lead to a vibrant and dynamic market, making this a great time to explore property options and make your move. Whether you're looking to buy your first home, upgrade, or invest, your local Ashtons office will be here to help and discuss your property needs further.