State of your Local Property Market: June 2024

Back to news

Whatever your political persuasion, June has certainly been an eventful month. With the major parties all highlighting housing in their manifesto it’s going to be interesting to see how these promises turn out during the second half of this year.

For now, we bring you an overview of June’s property market across sales and lettings; along with up-to-date mortgage rates.

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:

“For us June has been another busy month with a noticeable increase in activity both with new properties coming to market and sales being agreed.

We are seeing many buyers and sellers looking beyond the summer in the hope that they can move before the start of the new school year. With transaction times still taking longer than they should, it is vital that you are well prepared when bringing your property to market and when looking for a suitable property to buy.

Engaging with solicitors at an early stage to help prepare a contract pack on your property is becoming increasingly important. Likewise when you are starting your search, it is important that you fully investigate the mortgage market and look to secure free independent advice from recommended and qualified independent financial advisors. We can assist with all of this in any of our Sims Williams branches.

With the sunny weather, hopefully set to continue, it is important that the presentation of your property is something you focus on, particularly your outside space, as many potential buyers will be looking with the thought of outside entertaining space, or space for the children to play, and the general maintenance required. Top tip: keep your bushes and board areas well trimmed! Remember, kerb appeal is vital to securing viewings.”

Mortgage rates

The current Bank of England base rate is 5.25% as of 20th June 2024, and interest rates are on target, sitting at 2%. The next review is scheduled for 1st August 2024.

As of Thursday 27th June 2024, the current average mortgage rates are shown below (sourced from (https://www.uswitch.com/mortgages/):

Rental market review

The private rental market in June 2024 continued to see rent growth, though at a slightly slower pace than earlier in the year. Average rents across Arundel, Bognor, Chichester and the villages rose by an average of 7% year-on-year. The high demand for rental property continues to push prices up. 

As for the Renters Reform Bill, it was shelved due to the announcement of a General Election. This means that the bill will not be passed into law before the dissolution of parliament on 30th May. Although the bill could still become law in the future, Parliamentary rules mean that it cannot be picked up again by the next Government and they must start again from scratch. This means a significant delay in its potential advancement.

Landlords who were hoping for reforms that would have benefited them, such as those that would have made it easier to evict tenants, will be disappointed. However, some landlords may be relieved that the bill will not be passed because it also included reforms that would have been less favourable for landlords, such as limiting fixed term tenancies.

In the meantime, there is uncertainty about the future regulatory environment for landlords and tenants. This uncertainty could lead to instability and deter investment in the sector.

If you have any questions and are thinking of either letting a property out, or if you are looking to rent a property, our team is ready to help get you moving with confidence.

The road ahead

Overall, the property market on the whole continues to look positive. Inflation has dropped to 2% and the Bank of England recently announced they were keeping rates as they are, which shows signs of stability.

Regardless of the outcome of the general election, there will likely be no immediate effect on the property market, and with both buyer and tenant demand remaining high, this is an opportune time to sell or let.

We understand that selling your home is both thrilling and nerve-wracking. We’re here to support you every step of the way with professional advice you can trust. Whether you need a valuation or just some friendly moving advice, feel free to 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.

Be kept up to date

Leave your details with us, so we can keep you fully up to date with property updates.

What our clients say

Impeccable friendly service

We sold and bought through the Walberton office and received excellent service throughout on both transactions. Richard and his team work so well together and having a dedicated sales progressor was a real bonus. Their diligence and care helped make a stressful time bearable! I have no hesitation in recommending their services.
Seller - Jan 13th, 2023

Great service

Sims Williams were great with me right from the start of the process through to completion. They were patient in explaining things to me and demystifying some of the jargon as a first time buyer. They were always happy to go the extra mile and add nice touches, such as offering to visit the property to check the kitchen appliances on my behalf when away and giving me a thoughtful complimentary gift on completion. But most importantly they were efficient and got things done. I'd have no hesitation in recommending them and Megan who was in charge of my move was terrific.
Mr Frogley - Buyer -

Brilliant, helpful and friendly!

Being a first time landlord, David at Sims Williams has been brilliant. Answering my 100's of questions and advising on what I needed to complete to rent my house. I've spoken to some of the ladies in the offices too (sorry I can't remember names) but have all been so lovely and helpful. If you are looking to rent your property then don't hesitate to speak to Sims Williams, and I assume if you are looking to rent, you should do the same! Thank you all so much!
Claire - Landlord - Jul 29th, 2023

Our thanks go to the whole Sims Williams team.

We were very pleased with the service provided by Sims Williams Walberton, especially the after ‘sale agreed’ chasing service without which our whole chain may not have made it to the completion by the June deadline. All estates agents should have a dedicated chaser as it really works, but they don’t appear to. We would be happy to use them again, but hopefully we won’t be needing any Estate Agents for a good while now. Our thanks go to the whole Sims Williams team.
Denise - Vendor - Jul 1st, 2021

Insightful impactful sale

They got the job done easily and without delay! From first contact to successful completion through the many typical twists and turns it was always comforting to deal with a small team who made us feel like the only people selling a home. They totally respected and worked with the personal circumstances which enforced the sale. Sims Williams did exactly what they promised at our first meeting and more than met our expectations. Their understanding of the local market ensured that the property was priced to sell, achieving optimum results less than 48 hours from going live. With grateful thanks to the team.
Mrs Rod - Vendor - Jun 4th, 2021

Excellent Service

Richard and all the girls in the Walberton office provided an amazing service, supported me through various setbacks, and always remained positive about the eventual very successful outcome. The viewings went smoothly, the feedback was good, and everyone in the office worked as a team to make the sale a success.
Susan Sargeant - Vendor - Oct 14th, 2022

Great service!

Excellent service, kept us posted throughout the whole process. Great to deal with.
Lesley - Buyer - Mar 24th, 2023

Excellent, very professional service.

Letting our former holiday home for the first time was a new experience. We decided to have three agents visit. David and his team stood out. Attention to our personal wishes in terms of a tenant, excellent follow up after the initial visit, good marketing and a very personal approach by the team. The letting process went smoothly. The team kept us in touch and arranged all necessary legal obligations etc. We are a week in to the let…..so, early days! So far, I have only praise for this agent. Thank you Sims Williams.
Nita - Landlord - Feb 14th, 2022

Amazing service from start to finish

Having been given short notice and trying to find a property in a particular area I was very lucky to have found Jo at Sims Williams ! She did everything she said she would and she made the whole process from start to finish so so easy and believe you me the service was the best out of all the agents that I used in the local area !
SC - Tenant - Jul 19th, 2022

Efficient and friendly service

We came into contact with Sim Williams as we were looking for a rental property in Chichester and we have been delighted with the service from this company. From arranging the viewing, advice and opinions over the phone, sorting out references and liaising with the landlord, the service we had from Sim Williams was efficient, very friendly and very professional. Would highly recommend!
Samantha - Tenant - Jan 27th, 2022