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

Buying our first home

Sims Williams from the get go was fantastic in communicating with us and the vendors! We got updates very regularly and was always kept in the loop. They kept chasing the vendors solicitors to make sure the paperwork went through as quick as possible! I was also impressed with their sneak peak advertisement they do on their Facebook page! (Which is how I found the house before it even went up on Rightmove) which allowed me to be one of the first viewings of the house. The team are very polite and made me feel very comfortable talking to them face to face or over the phone! 10/10 service!
Harry & Georgia- Buyer - Jul 15th, 2022

Excellent

Excellent letting agent, Jo has been brilliant and lovely to deal with, the communication from her has been fantastic. The whole process of viewing the property to signing the tenancy was quick, efficient and smooth. Would highly recommend Sims Williams.
Rachael - Tenant - Oct 7th, 2022

'Thank You' for all your Help & Support

Outstanding service from Richard and the whole team. In what was very trying circumstances, Sims Williams stuck to the task unequivocally. Many Thanks.
Mike & Tina - Vendors - Jun 22nd, 2021

Excellent service

Thanks Sims Williams for providing an excellent service. From start to finish Sims have been efficient, communicative and accommodating. They have been warm and reassuring during a particularly stressful time which really helped the whole process and I would thoroughly recommend them.
Ms B - Vendor - Nov 25th, 2022

Excellent service

Very happy with their services in selling my flat. The team was always very straightforward and professional. Pauline Jones in particular always kept me updated and was super efficient.
Christine - Vendor - Dec 9th, 2023

PROFESSIONAL AND FRIENDLY

Right from the word go Sara, Linda and the team provided a very efficient, professional and friendly service. Never too busy to answer questions and kept me well informed of progress through to completion. Would highly recommend their service. Thank you.
Natasha M - Vendor - Dec 9th, 2020

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

Fantastic service, extremely helpful staff

Fantastic team, David has been most helpful since the beginning with securing the tenancy, walking us through the process and answering all of our questions. He made sure our moving-in was as smooth as possible even though we were running late.
Francesca and Adam - Apr 9th, 2022

Fantastic Service

As first time sellers we had a lot of questions and Sims Williams were happy to help. They were easy to contact throughout, kept us up to date on viewings and feedback. They even found our perfect home, which we got to see before it went on the market. Karen & the team were fantastic at keeping everyone in the chain informed & keeping the sale & purchase moving forward. We would highly recommend them & will use them again in future if we ever move. Thanks so much from happy house sellers & buyers.
Mr & Mrs Fairbairn - Apr 5th, 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