State of Your Local Property Market: May 2024

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May has been a busy month in our local property market, with plenty of activity across sales, rentals, and mortgages, not to mention the political landscape. We’ve seen more homes coming to market, rising sales, and shifting mortgage rates. 

As we look back on the antics of the past month, we’ll cover the current state of the sales market, what’s happening with rentals, and the latest on mortgage rates. We’ll also share our predictions for the future. So, let’s dive into the highlights and key trends shaping our local property markets 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:

“A Game of Two Halves! With the Euros all set to start later this month we’re all hoping Gareth Southgate’s men can do well and put a smile back on our faces. Let’s face it, with one of the wettest Springs on record, we could do with some ‘sunny’ news, as could the housing market!

A recent report stated that there were around 20% more homes for sale compared to the same time last year. Encouraging numbers from people clearly looking to move home at the same time we are starting to see more encouraging numbers of sales being agreed.

With the uncertainty of the political landscape due to become clearer in early July, and the suggestion that Mortgage Rates could be moving in a downward direction over the next few months, 2024 really could be a Year of Two Halves for property sales.

Now is the time to be getting your team together if a move in 2024 is planned. I say team as it is very much a team game selling property. The most important team being the agent you instruct to market your home.

As Sims Williams we combine a good mix of ‘youth and experience’ in our squad, vital qualities for any winning side. Other team members you need to ‘sign up’ are solicitors and, if required, a financial consultant. Both of these are vital in ensuring the required result and we will always recommend local, trusted and professional companies who are on hand to help you achieve your goal.

Let’s look forward to some entertaining games (maybe not the political ones!) and some better weather over the coming months. You heard it here first – it’s coming home and there’s a Sims Williams Sold board outside!”  

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

Mortgage rates

As of May 9th, 2024, the Bank of England base rate is 5.25%. The next review is set for June 20th, 2024.

May brought some good news for mortgages: rates are starting to fall, and inflation is down to 2.3%. We’re hopeful this trend might lead to the Bank of England lowering the base rate soon. It might still be a bit early, but the outlook is definitely brighter.

Here are the current average mortgage rates as of May 30th, 2024:

(Sourced from (https://www.uswitch.com/mortgages/).

Rental market review

We caught up with Jo Mallett (MARLA), Branch Manager at Sims Williams to hear what’s been going on throughout the last few weeks in May 2024:

“May has been a particularly busy month, with 18 properties coming to market since the beginning of the month, but demand is still outstripping supply.

Tenants need to be super quick when searching for a property. We try to aid this by sending properties to those registered 12 hours prior to them going on to the larger portals, Rightmove, etc. They also need to be aware of how competitive it is out there currently and appreciate that it will work in their favour to show some flexibility on the move date, as this sometimes overlaps with their current property. We highly recommend being sure on move dates when searching for a property right at the beginning. In addition to this, it really helps to have all relevant documents ready in advance and know their financial position inside and out. 

A good tip to help speed up the process includes having a current credit report available and being aware and upfront about any adverse credit. This could potentially go against potential tenants, however it is best to be upfront and honest with the agent when registering to avoid delays further down the line. If you have any adverse credit, get it cleared and do it as quickly as possible”. 

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 property market is showing positive signs with more homes for sale and rising agreed sales. However, the market remains highly price-sensitive, so smart pricing is essential. As political and economic uncertainties clear up, 2024 could bring favourable conditions for both buyers and sellers. Now is the time to prepare your team for a move and make informed decisions.

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. 

 

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What our clients say

Satisfied customer

Been letting our house through Sims Williams for nearly 8 years. We have had four tenants, and the service has been excellent under the supervision of Jo Mallet. The house has always been let very quickly between tenants who have always been thoroughly vetted, very stress free for us. Would recommend.
Margaret - Landlord - Jun 6th, 2023

Making dreams come true

Our experience with Sims Williams Letting Chichester has been phenomenal. Patient and efficient as well as understanding our personal needs and situation. Jo and the team have all assisted us to find a home. We are new to the UK and all our questions were answered and processes were explained. Everything went smoothly. Finding a home in the UK, we were told, would be really difficult and we were so worried... Sims Williams made it easy. Liaising with the landlord on our behalf and within a week we had a home. I am beyond impressed and highly recommend them. Thank you so much for making a rather stressful time in our lives that little bit easier.
Zita - Tenant - Jul 8th, 2023

Simply excellent!

The whole team at Simms Williams in Arundel are a credit to the brand. They dealt quickly with requests and queries, and nothing was ever too much trouble. A very re-assuring presence in what can sometimes be a very stressful experience!
June - Vendor - Nov 26th, 2021

Excellent Service

We recently purchased a property through Sims Williams, throughout the process, Megan and the team were friendly, accommodating and proactive which made the experience of buying our first property a joy. We are really happy in our new home and would highly recommend them!
Sam & Melanie - Buyers - Aug 3rd, 2022

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

Couldn’t have asked for better estate agents

Thank you sims Williams for your help with getting us all set up moving into our new home. Jo & David have been nothing but amazing. Answering any questions we have had, phoning us, emailing us and keeping us updated along the way of the process. It’s been nothing but smooth runnings would highly recommend sims Williams to anyone looking for help and guidance with renting a property! Thank you all for you’re help!
Stephanie - Tenant - May 26th, 2021

Excellent Service!

We recently completed on a property in Bognor Regis and bought it through Simms Williams. I have to say the service was excellent from the office staff but mainly from our main contact there Susie Jones. We probably drove her mad with all the questions, extra viewings but she was always there to answer them and do everything she could to help the sale go smoothly. Excellent service, well done Susie.
Noeleen- Buyer - Nov 25th, 2023

Thank you

Sims Williams (Chichester)have recently found new tenants for our property in Chichester. As ever the team were a pleasure to work with.They are efficient and professional to work with on every level. Thank you
Fiona - Landlord - Jun 1st, 2021

Excellent Service

Brilliant Estate Agents, I sold my property and brought another through Sims Williams, John was fantastic and so helpful throughout the whole process. I would 100% recommend this Estate Agents.
Amy - Vendor - Apr 7th, 2021

Excellent Service

I just wanted to thank you and your team for all your help and patience in dealing with the sale of Jasmine Bungalow which will hopefully complete next week. Karen and Calum especially have been excellent to deal with in the current sale which I’m sure wasn’t easy for them at times. But their help and patience made the frustrations much easier to cope with! And I also wanted to thank Michael too for his assistance, advice and patience in dealing with the first abortive sale.
Ms Rawson - Vendor - Jun 8th, 2021