With 575,000 property transactions currently in the legal completion process, many movers are rushing to meet the stamp duty deadline. However, for those who won’t quite make it, the current market presents opportunities for both sellers and buyers alike.
The national average price of properties coming to market has risen by 1.1% this month, an increase of £3,876, bringing the national average asking price to £371,870. The North East continues to lead the way with the highest monthly price increase in England at 1.9%.
Peter Bartley, Group Director at Bradley Hall, shared his insights: “After the stamp duty deadline passes, we could see a shift in market dynamics. With many buyers rushing to complete transactions before the deadline, we might experience a lack of supply in the months following. This could create a situation where there are fewer properties available, potentially driving up prices and making it a seller’s market.”
On the other hand, Peter notes, “Alternatively, buyers who don’t complete before the deadline could renegotiate deals, and some transactions might fall through. At present, 70% of house sales progressing are unlikely to meet the deadline.”
As the rush to meet the stamp duty deadline subsides, both buyers and sellers will need expert professional advice to secure the best outcomes. Peter adds, “With over 35 years in the business and as a firm of Chartered Surveyors, we believe we are well-positioned to offer the expert advice necessary in these challenging times.”
Despite the complexities of the current economic landscape, the property market is showing resilience. Sales agreed are 9% higher than at the same time last year, indicating that buyer interest remains robust, even with recent stamp duty changes. Additionally, new sellers are entering the market at an 8% higher rate compared to last year, signalling a return of confidence in the housing sector.
The average five-year fixed mortgage rate has dropped to 4.74%—a significant decrease from the peak of 6.11% in July 2023. While the cost of living remains a concern, the stabilizing mortgage rates offer some relief to buyers.
Looking ahead, the Spring housing market presents a significant opportunity for sellers. In today’s competitive market, selecting the right agent is more crucial than ever. While some agencies may offer discounted fees, they often focus on quick, low-value sales that don’t maximize the potential of your property. In the current economic climate, securing the best possible price for your home is vital, and that’s where we come in.
At Bradley Hall, we combine over 35 years of experience with an unrivalled digital and branch network, strategically located on the region’s busiest high streets. Our professional in-house photography ensures your property is presented in its best light, while our local experts bring deep market knowledge to help you navigate the complexities of selling.
For expert guidance and support in navigating the current property market, the team at Bradley Hall Estate Agents is here to help you make the most of your sale. Book a free valuation today and find out how much your home is worth by visiting www.bradleyhall.co.uk to locate your nearest branch.
