2024 Property Market: A Robust Start with Implications for Chester
As experienced estate and letting agents in Chester, we closely monitor the trends in the UK property market regularly and analyse how it might mirror or differ from the local market in Chester.
In the first 11 days of 2024, the UK property market recorded 22,402 homes sold subject to contract (stc). This figure represents a significant increase compared to the first 11 days in 2023, when only 15,735 properties were sold stc.
This is an impressive 42.37% increase in the number of UK home sales year-to-date
For those of you who like your property stats, the average price of the property sold stc in the first 11 days of 2023 was £337,678 with an average of £321/sq.ft. In 2024, the average sale agreed price was almost identical at £337,972, yet the average pound per square foot was slightly higher at £326/sq.ft.
Such a surge in the property market demands a deeper analysis to understand the underlying factors and what they might mean for local markets, such as Chester.
Key Drivers of the UK Property Market Surge
Lowering Mortgage Rates: One of the primary catalysts for the increased activity in the property market is the reduction in mortgage rates. This development has made purchasing property affordable for a more significant population segment, boosting home sales.
Rising Wages: The rise in average wages has also played a critical role. With more disposable income, individuals are more inclined to invest in property, which is a secure and lucrative asset.
Low Unemployment Rates: The strong job market and low unemployment rates have instilled confidence in people, encouraging them to make significant life decisions such as buying a home.
Additional Factors: There are other factors at play as well, including demographic shifts, changes in housing preferences post-pandemic, and government policies that may have incentivised property purchases.
Local Factors Influencing Chester’s Market
The performance of Chester’s property market could be influenced by local economic conditions, the specific demographic profile of the area, and even regional policy decisions. For instance, developments in local employment opportunities, infrastructure projects, or changes in the local landscape compared to other parts of the UK could significantly affect market dynamics.
Looking ahead, the property market in 2024 is on a promising trajectory. However, understanding the nuances of the local market is crucial for homeowners and landlords in Chester. It's not just about national trends but how they interact with local and regional factors.
Future Outlook and Advice for Homeowners and Landlords in Chester
We encourage Chester property owners and prospective buyers to seek tailored advice because understanding the current market position of your property and how to navigate the 2024 market landscape can be pivotal in making informed decisions that decide the outcome of your journey.
While the UK property market has seen a robust start in 2024, it's essential to fully delve into local market conditions to grasp the opportunities and challenges. For those in Chester, I am here to provide expert insights and guidance tailored to our unique market conditions. Whether you are a homeowner looking to sell or a landlord seeking to expand or liquidate your portfolio, understanding the specifics of Chester's property market is critical to making strategic decisions.
Remember, the Chester property market is dynamic, and what applies on a national level might not mirror precisely at the local level. As we move through 2024, staying informed and adapting to the changing market will be crucial for success in any property transaction.
To understand your position in the Chester property market, or if you have any queries about potential property investments, please feel free to contact us. Our expertise and local market knowledge of Chester are at your disposal to help you navigate these exciting times in our local property market.