State of Your Local Property Market: April 2024

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With the first quarter of 2024 behind us, we take a look at the state of your local property market, covering Arundel, Bognor Regis, Chichester, Walberton and The Six Villages.

The current landscape

Richard Moores (MNAEA), owner of Sims Williams shared his insight into the current landscape based on what’s been happening across all four Sims Williams offices:

“The market is still challenging however we are seeing better signs of activity across all four of our offices. We are seeing better levels of activity in applicant viewing, offers being submitted, and thankfully, sales being agreed. We are still seeing good levels of property coming to market.

What we often see at this time of year is some agents who are conscious of getting lots of property listed on the market; the easiest way to do that is to provide overpriced valuations to attract vendors but it’s completely unfair. We will always go out and give an honest assessment as we see it on property values that is also backed up and supported with as much evidence as we can”.

Thinking of selling? Request a valuation to find out the current value of your property without obligation.

“Viewing levels have picked up but it’s also worth acknowledging that there is still a proportion of people who are sitting on their hands and remain cautious about the market, preparing to wait until after the General Election, hoping for a miracle that produces a much rosier economic climate. 

I think we are going to start seeing interest rates come down – there’s plenty of evidence to support that. People have had enough of doing nothing and waiting. We are seeing people coming out of renting and looking to purchase property instead, first time buyers are making a bigger dent in the market now too with the support from the ‘bank of mum and dad’. 

Sellers can see that properties that are priced appropriately or are reducing to sensible levels are generating good responses and selling. Here we are at the beginning of May, looking forward to a busier late spring/early summer market across the board. We’ve got activity from small 1 bed apartments £170,000 through to multi-million pound properties. An increasingly buoyant market. 

The key has to be: get your price right if you want to get moving”. 

Mortgage rates

Tim Bannister Rightmove’s Director of Property Science shared a reminder that there are two sides to the coin:

“some buyers, across all sectors, will feel that their affordability has improved compared to last year due to wage growth and stable house prices, others will be more impacted by cost-of-living challenges and stickier than expected high mortgage rates”.

Rates have settled down – interest rates are around where they should be. If we look at the historical data, we’ve experienced extremes of high and low rates, we are now in the zone of where borrowing rates naturally should be. We just got very used to very cheap money.

The current Bank of England base rate is 5.25% as of 21st March 2024. The next review is scheduled for 9th May 2024.

As of Thursday 2nd May 2024, the current average mortgage rates are shown below:

Rental market review

There’s a lot of misinformation about and we believe it’s our responsibility to keep you informed of what is truly going on in the local area, and support you when navigating the rental market. 

We caught up with Jo Mallett (MARLA), Branch Manager at Sims Williams to hear what’s been going on in April 2024:

“We’ve just come out of a very busy April with many viewings; we are seeing a real shortage of properties, still with a high volume of applicants seeking a quality property. 

We have seen a small increase in valuations which is really positive but far more are needed. On average we are receiving 20 enquiries per property that comes to market. 

Applicants are more cautious with their money; they’re paying close attention to everything when they look for a property. They’re looking at things like EPC’s to assess running costs, how far they’ll have to travel and what that will cost, and any extra costs like parking fees. Applicants are also considering how much they’ll have to pay for council tax and whether or not a more expensive property with a lower council tax band may be more economical for them”.  

It’s a tough time to be a tenant but with the right agent and support you can find a solution. 

Thinking of letting, or have a property you want to rent? Get in touch with your local Sims Williams branch today.

The road ahead

The housing market moves on regardless, be it a recession or whatever doomsday story headlines want to tell us. There’s always something going on but what you need to remember is that people still need to move whether you buy or rent, and we are here to help 

A poignant reminder that the market remains very price-sensitive, and despite the current optimism, these are not the conditions to support substantial price growth. Sellers who are keen to secure their sale will still need to price realistically for their local market and avoid being overambitious at the start of marketing to give themselves the best chance of finding a buyer.

We fully appreciate that selling your home can be both daunting and exciting at the same time. We are here to guide you through every step of your journey, providing professional advice, support and guidance you can trust.

Whether it’s to arrange a valuation for sale or friendly advice on any aspect of moving, do please get in touch.

Sims Williams are estate and letting agents with offices in Arundel, Bognor Regis, Chichester and The Six Villages. For expert advice on all things property or for a free no obligation market appraisal, do contact your local Sims Williams office. We are here to guide you through every step of your journey, providing professional advice, support and guidance you can trust. 

 

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What our clients say

Smooth Sale

Sims Williams recently sold My late mothers house. We found it was all dealt with very smoothly, and all the staff were very friendly and helpful.
Patsy - Vendor - Jan 12th, 2023

knowledgeable and efficient

I would like to say I was very happy with the service I received from Sims Williams and would highly recommend you to anyone selling, or indeed buying a property. I was always able to speak to someone in person whenever I had a query or question. The staff are all friendly, knowledgeable and efficient which made the whole process of buying and selling less stressful. Having a named professional as a primary contact was really reassuring. Calum was always aware of and managing any glitches even before I knew about them. He communicated well with my solicitor and made sure I was up to date at all times. He was also very good at explaining parts of the process I didn’t understand. I will definitely be using your team again in the future for buying, selling or renting out.
Louise - Buyer - Apr 29th, 2022

Highly Recommend

Did a great job. Fast, efficient, creative and knowledgeable. Could not ask for more. And highly recommend.
Steve - Vendor - Nov 29th, 2021

Amazing from start to finish!

From the moment we met the team we were welcomed and looked after throughout. Julia and Susie are so professional and friendly I can actually say I loved the experience. Would highly recommend Sims Williams
Caroline Mowbray- Vendor - Sep 28th, 2023

Literally unsurpassed, Complete service.

Right from the start of the process with the valuation and discussion about marketing right through to the presentation of the property and keeping on top of the many moving parts, which can go wrong, Sims Williams were all over it. They managed to help us sell our property at exactly the price that it was valued for in a very difficult market. They also listened to our concerns and gave us the confidence to begin at a price below that valuation, creating more interest and facilitating the eventual sale which was agreed in the week of the first viewing. The whole team are completely dedicated and the valuations are not over blind just to attract the maximum amount of clientele. We went with them because we purchased a house from the year before and they were just as professional than as they were this time. I don’t know how else to say this, but I don’t know if another agency could’ve done this job in the timeframes that we expected and got the result that we did. I would always use them wherever they operate in the area that we are buying or selling. Thanks a lot John, Julia, Robin & Susie, you’ve made our year.
Ben - Vendor - Dec 22nd, 2022

5 Star Service

Purchasing a property can be a difficult and stressful experience and it was certainly no different for us. The people we were buying from were difficult but staff at Sims Williams helped us get through the experience. They understood our concerns, always responded positively and kept us fully informed at all stages of the purchase. They were very friendly but remained professional. They appreciated that a successful sale has to suit both parties. They succeeded in helping both parties to come together. A huge thank you to the Walberton staff of Sims Williams!!
David and Janet - Buyers - Jan 26th, 2021

Exceptional Service

Sims Williams provided an exceptional service throughout the purchase of our new home. Calum was extremely professional every step of the way, would highly recommend.
Guy & Teresa - Buyers - Dec 3rd, 2021

EXCELLENT SERVICE

Sims Williams were able to let my property very quickly at a good rental value. They provided regular updates and provided consistent excellent customer service.
Harry - Landlord - Feb 3rd, 2021

Excellent Service

It took some time but the staff, especially Karen and Callum were always cheerful and keen to find us a buyer. We were never pressured into altering our asking price, nor did we get time wasters sent to view! Overall we were very happy with the service we received before and after the agreed sale and up to completion.
Richard & Chrissie Vendors - Dec 3rd, 2021

I cannot fault Sims Williams and would recommend them in a heartbeat

The common conception of Estate Agents is that they take a few pictures, write a blurb, publish it, show prospective purchasers around a property, and charge you a fortune for the privilege. From the seller's point of view, that may be how it seems. However, after the sale has actually been agreed, the service provided to the purchaser more than justifies the cost. I’ve recently purchased a property through Sims Williams, and they did so much to help. Ambiguity surrounding a tree preservation order was quashed in a matter of minutes, thanks to them having much more up-to-date information than the council. My survey raised a potential concern about damp. Sims Williams provided a damp expert to go and visit the property and compile a report – again resolving this problem very quickly. Lastly, a purchase further up the chain was causing delays. Sims Williams were constantly checking in with me, assuring me that they were chasing and doing everything in their power to help this complete. Obviously, all of this came out of the fee that would have been paid by the seller, so was effectively free for me. Had I have gone back to my solicitor with all these queries, I dread to think how expensive that bill would have been. Through my experience, I cannot fault Sims Williams and would recommend them in a heartbeat.
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