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Ben Stephens, Partner and Truro office and sales manager discusses the New Year property market and what the rest of 2024 may bring.
In sharp contrast to my market summary in January 2023, there is a clear mood of optimism in the air as we move into 2024. I reported in November that there was anecdotal evidence of market recovery and improving activity. I am delighted to say that two months later, this subjective view has been replaced with a more evidential one.
Whilst we are only a few weeks into 2024, buyer demand and new sales are already ahead of equivalent 2023 levels. The moment we opened our doors on the 2nd January, the phone began to ring and viewing levels in some offices are now 50% in front of last year with offers flowing. The broader national figure according to Zoopla shows buyer demand tracking 14% above 2023 and new sales up 16%.
Following 14 consecutive interest rate hikes, the Bank of England steadied the ship at 5.25% in August and have maintained this level. With hopes that they will respond to falling inflation rates by cutting the base rate as early as March, 2024 has kicked off with a mortgage price war. According to City A.M, more than 30 British lenders have cut home loan rates in the last 2 weeks, Barclays for example reduced its 2 year fixed rate deal by 0.5% whilst Santander lowered its rates by up to 0.82% and now offers a 3.94% 5 year fix for new customers. I think we are clear therefore that these steps and the positive mood music is quickly restoring confidence in a market which is now past the moment of peak uncertainty.
So, what next for the traditionally buoyant Spring market?
According to Rightmove, Cornwall and Devon remain the second and third most searched for locations of 2023. A trend that demonstrates the lasting attraction of the two counties and setting us up well for the year ahead.
All indications are that we should return to more normal levels of market activity with demand for homes in the South West exceeding 2023 levels. The importance of aligning with the right agent, fortified by the right team and strategy remains as important as ever. I have said it before but - more buyers, more viewings and more offers result in a higher price.
If you are considering buying or selling in the West Country, it is a perfect time to make the first move and find out what your home is worth. With demand rising quickly and supply not quite on-tap, you may be surprised with the outcome of a swift launch to the market. Our local Stags team would be delighted to hear from you and guide you through the next steps.
I am delighted to say that 2024 marks the 150th anniversary for Stags, an important milestone that we will be celebrating throughout the year. Reflecting our presence across the West Country, we have partnered with four local charities that support families affected by Cancer – Ducks and Drakes Cancer Trust in Dorset, SURE in Somerset, FORCE Cancer Charity in Devon and Tanya’s Courage Trust in Cornwall.
As part of these year-long relationships, the teams in our 22 offices will be participating in an array of charity events, including a challenging four day, 420-mile cycle ride around all of our office locations – not for the faint-hearted! – to raise as much money for each charity as possible. We have set up a GoFundMe page at https://gofund.me/36fd4f48 and welcome all donations to help us support these fabulous local charities.
