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What’s happening in the South Hams housing market?
As we enter the last months of the year and reflect on its ups and downs, the UK housing market remains resilient despite facing a number of significant challenges. It’s been a bit of a mixed bag this year for the UK property market. There were moments of optimism where certain price points gained traction, only for buyer interest to evaporate over subsequent
weeks. September in particular saw a significant build-up of unsold properties, reaching record levels of half a million homes on the market.
With the Budget now behind us, and further cuts to the base rate expected before the end of the year, there remains robust buyer activity, with the average time on the market sitting at 93 days - seven days longer than 2019 figures, which were considered indicative of a strong market. The fluctuations in demand can be attributed to various factors, including broader economic uncertainty and a long wait for the budget (117 days!) which cast a shadow over market momentum.
Despite these challenges, property prices remain relatively stable. A slight correction of 0.2% in September contrasts with a 1.5% increase year-on-year. This stability in the face of so many properties on the market suggests a balancing act where sellers must remain competitive without dramatically lowering prices.
With building costs on the rise, the appetite for projects has significantly diminished and demand for ‘turnkey’ homes is high, with energy efficiency a growing priority. Homes with high EPC ratings or those that have undergone green retrofits are seeing increased interest. Luxury buyers are asking us for properties with smart-home technologies, wellness facilities (saunas have been popular this year!) and eco-friendly features such as EV charging points.
With the budget out of the way, further rate cuts anticipated before the end of the year, and buyers keen to secure a sale before stamp duty changes in April, we’re expecting another strong start to 2025 for house sales. However, prime property buyers continue to remain cautious and extremely discerning, so, it’s critical to get both the pricing and marketing strategy right and to work with an agent who understands how to sell a unique home in a more challenging market.
If you’re thinking of selling your unique home next year, but have been hesitant due to negative news and gloomy forecasts, I recommend that NOW is the time to pick up the phone and talk to us. When we chat, we’ll consider both your property type and your personal situation before recommending a sale plan for the new year - whether that’s taking advantage of our ‘New Year Launch’ strategy or holding off until later in 2025.
If you have any questions on the current market and the sale of your home
please give us a call on 01803 835 788 or email the team on
team@thecoastalhouse.co.uk We’re looking forward to getting you moving.
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