State of Your Local Property Market: November 2023

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The British property market is experiencing a sluggish autumn season due to buyers opting for hibernation in place of action, resulting in stagnant prices. However, proactive house hunters can benefit from the low competition for the best properties.

The current landscape

As the end of 2023 approaches, the National Association of Property Buyers (NAPB) has noted “hopeful signs” in the property market, indicating a possible surge in activity leading up to the holiday season. Jonathan Rolande, spokesperson for NAPB, predicts that the market may defy the recent trend of falling prices. The current increase in property market activity could prevent further price declines, boost the industry, and attract landlords back to the market. Higher rents and low-interest rates may also encourage people to invest in property. 

Despite challenges, experts have a cautious optimism about the property market’s future. 

We caught up with owner of Sims Williams, Richard Moores (MNAEA) to hear how he has found business in November “The last month has seen a real ‘mixed bag’ with regards to activity in the local housing market. 

Sales have continued to be agreed; price remains to be the common factor on all newly agreed sales. We have seen reductions on asking prices from committed sellers which has resulted in fresh viewing activity, offers and sales being agreed. 

Price is key in any market, but more so just now with all of us looking closer at finances. Buyers are out there; they are looking for ‘value’ in whatever they are buying.  

There are some really encouraging signs going forward into 2024, we continue to carry out good levels of Market Appraisals with many potential sellers looking to plan their move next year. The continued drop in the inflation figures mean that lenders are more likely to continue to reduce their rates as we move into 2024. 

There are still plenty of uncertainties as to what 2024 holds for the housing market, and I’m sure many will continue to ‘hold off’, waiting for ‘something’ to happen. But for many more people, ‘holding off’ is not an option, life continues. The reasons for moving remain the same and as with previous years, January will be a busy time with more properties coming to market. Get your price right and get moving will be the message we take into 2024”. 

Mortgage rates

Homeowners can breathe a sigh of relief this month, as better-than-expected inflation figures have prompted lenders to reduce fixed mortgage rates. The possibility that interest rates have peaked is also offering hope. However, it’s still essential to shop around for the best mortgage rates in the UK to ensure you get the most favourable deal.

Keep your trusted estate agents and mortgage advisors close to support you on your journey and help secure you the best deal moving forwards.

Top mortgage rates this week: NatWest, Halifax, and Virgin Money take the lead with the following offerings: 

Your home may be repossessed if you do not keep up repayments on your mortgage.

Rental market review

We spoke to Senior Branch Manager David Vawdrey, member of the Association of Residential Lettings Agents (MARLA) to hear his thoughts on what’s been happening over the last month.

“The rental market remains strong, albeit somewhat more patchy than in the summer, with larger properties commanding rents over £2,000 a month taking longer to let than those at the lower or middle end of the market. Demand for 2 and 3 bedroom houses remains very strong, as does demand for flats.

The amount of new prospective tenants registering at letting agency branches across the UK has dropped from 124 back in July to 86 in October. This can partly be explained by seasonal factors, but also illustrates a slightly more “normal” market. As we have reported recently, accurate pricing is more important now than in the early part of the year and whilst stock levels (available rented property) remains lower than pre – Covid for most agents, there are around 25% more rented properties available than this time last year.

Update on Renter’s Reform Bill: Propertymark continues to lobby the government on behalf of their members, on certain aspects of the bill, such as the possible ending of fixed term tenancies. The bill is at Committee stage, but there is still a long way to go and we will continue to keep our clients up to date on any changes”.

The road ahead

Now is an opportune moment to rent, as prices have hit their highest point while the stock has increased. Take advantage of this time of year when rents are generally lower.

Despite challenges, experts have cautious optimism about the property market’s future and we at Sims Williams are excited for what’s to come in 2024 and are ready to help get you moving.

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

SUPERB SERVICE

We found the Arundel office to be both professional and enthusiastic concerning our sale. We were always kept informed and worked with us to achieve our goal. Highly recommend this whole teams approach.
Claire & Tony - Vendor - Jan 6th, 2021

Great Service

Having made the big decision to purchase a holiday rental home we can say that Sims Williams helped make the process extremely easy having received the keys within a month of us first viewing! A special mention goes to Tiffany who offered a wealth of local knowledge and information at our initial viewing and helped us make the decision to purchase. Everyone in the office was friendly and accommodating throughout the process and I would certainly not hesitate in recommending them. Thank you!
Katie - Buyer - Aug 2nd, 2021

HOUSE SALE

Sims Williams we had amazing service from everyone, kept us informed all the time, Especially Mel. We would highly recommend Sims Williams to Everyone.
Ian & Patsy Cox - Vendor - Feb 4th, 2021

Seamless from beginning to end!

Selling our parents house was a daunting prospect so we have to thank the team at the Sims Williams Bognor Office who really did make it as pain free as it could possibly be! From the valuation to the open day and right through the sales process, John and his team kept us informed and nothing was too much trouble. Having bought and sold property before, we both know that’s not always the case and, in this instance where we were acting on behalf of family, it was doubly important to get it right so we can’t thank John and his team enough enough for their professionalism and help. We would happily recommend their service to anyone looking for that same support. Thank you!
Carol- Vendor - Jun 13th, 2022

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

Excellent Service

Congratulations to Mike and his team in Chichester. Good local knowledge supported by a professional sales team resulted in a successful sale.
Mr Bailey - Vendor - Oct 17th, 2022

EFFICIENT, HELPFUL AND FRIENDLY

Thank you so much Jo for all your help with getting us into our flat. Jo was very professional from start to finish and made the rental process feel easy. We have nothing to fault and would definitely use Sims Williams again in the future with any rental or mortgage services.
Paige F - Tenant - Jul 10th, 2020

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

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

Exceptionally Professional

We want to thank Mel and all the team for the sale of our house. From start to finish all our dealings with Sims Williams have been exceptionally professional but in a relaxed and friendly style. We have moved often and you are the best estate agents we have dealt with. We would unreservedly recommend Them to anyone.
Mr & Mrs Lamb - Vendor - Jul 1st, 2021