Just as the outfits from the Met Gala this week have been a bloomin’ marvel, so has the property market! Across the board continues to prosper and ‘business is brisk’ as the notorious Phil Spencer recently described things. The message remains, if you’re serious about buying or selling property, now is the time to get involved to benefit from a buoyant market, quick sales and decent mortgage rates.
The current landscape
We asked Matt Jacobs, Managing Director, at Jacobs Steel, what’s been happening in the local property market throughout March, and behind the scenes in the branches. Here’s what he had to say:
I’m pleased to report that there’s a widespread feeling of positivity across all of our branches and business. Spring has certainly sprung and delivered an abundance of stunning new properties coming to the market; there’s a high volume of sales to match too. This time of year naturally brings an increased number of viewings with longer days and more ‘out of area’ buyers visiting the coast, but what is reassuring to see is that many of these are converting to sales.
The premium residential sales market has suffered most since interest rates were increased in September 2022. ‘Up-sizers’ that require big mortgages were priced out with the increased mortgage rates, and Londoner’s planning to work from home who were then required to be in the office more regularly viewed making a move to the South coast a less attractive option. These two reasons led to a slower market, but we’re pleased now to see a positive shift in the number of viewings in recent months.
Whilst prices have reduced a little from 2022, out of area buyers are returning and many have adapted to the new mortgage market meaning they are proactively house hunting again. The summer forecast is looking good so far
Matt Jacobs – Managing Director
Mortgage rates
The current Bank of England base rate is 5.25% as of 21st March 2024. The next review is scheduled for 9th May 2024.
As of Tuesday 7th May 2024, the current average mortgage rates are shown below (sourced from (https://www.uswitch.com/mortgages/):
Rental market review
We caught up with Ollie Whiting (MARLA), Lettings Manager at Jacobs Steel to hear what’s he’s been noticing throughout April and as we bound towards the summer:
The rental market continues a forward trajectory and is becoming increasingly busier as the months go on, which is common for a Spring rental market, it is also a key time in other aspects of our industry, with the much-anticipated Renters Reform Bill now on its way to the House of Lords, after being heavily amended by the government.
This means that the Renters Reform Bill has now passed through all its stages in the House of Commons and is now considered to be more balanced than some weeks ago.
In the House of Lords, the Bill will go through a similar process, an initial First and Second reading, then a more detailed committee stage, before returning to Lords for a third reading, we will continue to keep our clients updated as more details are released
Ollie Whiting – Lettings Manager
If you have any questions and are thinking of either letting a property out, or if you are looking to rent a property, our team is ready to help get you moving.
Commercial Market Review
Leigh Doherty, Commercial Manager, has an in-depth understanding of the commercial property market. Here’s what he had to say:
We are seeing continued growth of confidence in the market with more investors and potential tenants on the lookout for their next commercial premises. This has resulted in more deals being agreed, but in addition, more stock levels. We have a number of new instructions in the pipeline, ready to go live but also, we have some confidential properties which aren’t going to be put on the open market therefore, it would be a good idea to register your interest and see if we can help in any way. I recently wrote about the lack of availability in the industrial market, however, we have now listed several units which range from 500sqft – 13,000sqft, so something to suit everyone
Leigh Doherty – Commercial Manager
If you would like advice on your property, or you are on the lookout, then please do not hesitate to contact one of our commercial team members on 01903 792785.
The road ahead
There’s a lot going on in the world of property right now. It is a naturally very busy time of year and 2024 is no different. In fact, the overall feeling is that we are starting to see glimmers of normality – pre-2022 ‘shake up’ – throughout the market as rates settle, confidence grows and activity thrives.
The property market from Worthing to Brighton & Hove continues to grow, spring forward and heat up as we head towards the summer. Our key piece of advice right now is to keep in close contact with local reputable agents; the market remains very price-sensitive and sellers are advised not to set overly high prices. Nathan Emerson, Chief Executive of Propertymark, explains that adjustments are needed to align valuations with market expectations as we continue to progress further into 2024.
Jacobs Steel are estate and letting agents with offices in Worthing, West Worthing, Findon, Lancing, Shoreham-by-Sea and Hove. We will guide you through the entire process, communicating with you every step of the way.
Looking to sell or let your property? Get in touch.