End of Year, Market Commentary

The current market conditions appear to be stable, with a number of new instructions coming onto the market. As we approach January, it is anticipated that we will see an increase in new listings, as buyers and sellers typically shift their focus towards the festive season during this time of year. This seasonal trend often leads to a temporary slowdown in transactions, as many potential buyers prioritise holiday preparations over property purchases.

However, it is worth noting that there has been a noticeable increase in fall-throughs over the past month. This rise may be attributed to the recent changes in stamp duty introduced in the Autumn Budget, which have likely placed additional pressure on existing property chains, and added an increase in cost, for purchasers buying a second property. The adjustments to stamp duty can create uncertainty for buyers, leading to hesitancy in finalising transactions. As a result, some buyers may reconsider their commitments, causing sales to collapse.

In light of these developments, it is essential for both buyers and sellers to remain informed about the evolving market dynamics. Sellers may need to adjust their expectations and strategies to accommodate the changing landscape, while buyers should be prepared for potential delays and complications in the purchasing process.

Overall, while the market shows promise with new instructions, the impact of external factors such as fiscal policy changes must be carefully navigated to ensure successful transactions.

Recent review of the data from October 2024 shows:

🚀 **5,543 properties SSTC** - that's a **14%** increase from last year! 

🏡 **4,520 properties SSTC**, up 25% from last year.

📈 **Average Exchanged Price:** £198,959 

⏳ **Time to Complete:** 114 days 

⚠️ However, keep an eye out: fall-throughs have risen **27%** compared to last year and **18%** from last month

If you are considering putting your property on the market but feel unprepared to do so before Christmas, it would be beneficial to utilise the time leading up to the festive season to tackle any outstanding tasks or repairs that you may have been postponing. The period between Christmas and New Year is particularly advantageous for this purpose, as many people find themselves with a bit more free time during the holidays.

By addressing these minor improvements and enhancements now, you can ensure that your property is in optimal condition and presents itself well to potential buyers. This proactive approach will not only enhance the appeal of your home but also position it favourably in the market when you decide to list it in 2025. A fresh and well-maintained property is more likely to attract interest and command a better price, making the effort you invest now worthwhile. Taking the time to prepare your home thoroughly will ultimately set you up for a successful marketing campaign in the new year.

We wish everyone a happy and relaxed Christmas Break and look forward to helping more Sellers, Buyers, Tenants and Landlords, in 2025! 

Aidan Donnelly, MNAEA

Harrington Brown

*Statistics Provided by TwentEa