As we enter the final quarter of 2024, the property market in Kingswood remains encouraging, with many individuals focused on purchasing their first homes and making moves ahead of impending stamp duty changes next year. The current landscape is ripe for buyers, and we at Property Indeed are excited to share the latest insights and trends.
According to Zoopla’s House Price Index for August 2024, house prices have increased by 1.4% compared to last year, with a projected overall rise of 2.5% for the year. The average UK house price stood at £266,400 in July 2024, indicating a resilient market. This growth reflects a growing confidence among consumers, spurred on by a recovering economy.
Mortgage Rates and Consumer Confidence
Mortgage rates have also seen a positive shift, now averaging 4.5% for a 5-year fixed rate at 75% loan-to-value. Although many banks have yet to adjust their rates or offer new deals following an August base rate cut, Zoopla anticipates that average mortgage rates will remain above 4%. This stability in rates is expected to foster good momentum in the housing market.
Increased Market Activity
The current market dynamics indicate an upturn in activity, with all areas of the market seeing year-on-year growth. More sellers and buyers are entering the market, contributing to a more balanced environment than we’ve seen in the past five years. Sellers are listing their homes faster than usual, and many are also looking to purchase new properties.
Rising Housing Stock
Interestingly, the number of homes for sale has reached a 7-year high, providing buyers with a wealth of options. This increase in housing stock allows for a more competitive market, giving buyers the flexibility to find a home that suits their needs. However, it’s important to note that pricing is key; one in five homes has experienced a price reduction of 5% or more, highlighting that buyers now have more bargaining power. Homes priced correctly are selling in an average of 28 days, whereas properties that require significant price adjustments can take up to 73 days to sell.
Opportunities in Kingswood and Beyond
At Property Indeed, we currently have several properties available for sale in Glenwood and Bath.
You can view our current properties here.
Additionally, we have a waiting list of eager buyers looking to find their next home. If you’re considering selling your property, now is a great time to take advantage of the current market dynamics.
We offer free, no-obligation valuations to help you understand your property’s worth and how it can fit into today’s market.
Contact us today to find out how we can assist you in navigating the Bristol and Bath property market successfully.
