Looking to the future

Sheldon Bosley Knight’s custodian, Mike Cleary, offers his thoughts on the market this year and what we can expect in 2024.

The green shoots of September became far more evident as we approached the festive season.

Year-on-year, activity is materially up with 44% more appraisals undertaken in the month, but it too was still the quietest of the year (aside from December 2022).

The normal percentage went on to instruct us and interestingly the average listing price was up a modest 2% based on last year. This is the first in four months that asking prices have shown growth on the year before.

Our unsold pipeline is 60% higher than this time last year but has been consistent since April. The average asking price of properties is however 6.3% lower.

The most telling change year-on-year is with the amount of viewings conducted, up 43% for the month, and offers received, up 74%. The canny buyers though have largely been seen off by the sellers with sales agreed only up 20%.  

It’s also the lower value properties that have sold with the average agreed price being down 16% albeit in markets that couldn’t be more different.

With competition continuing for lenders to lend and the next movement on rates almost certainly downwards, 2024 should be a better year for anyone with a mortgage, trying to get on the market or upsize.

We expect a much faster start to the year than we had to 2023. We also feel buyers will begin to realise the market has passed a crucial point to see it will favour the sellers when it warms up in the spring.