State of your local property market: March 2024
The Easter bunny has been and gone but left us on a sugary sweet high and energetic outlook for the next quarter! The market across the board continues to accelerate and each of our branches are buzzing with activity. If you’re looking to buy or sell your property, now is the time to get involved to benefit from a bustling 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:
Across Jacobs Steel we experienced a 70% increase in March vs January for new properties to the market and a 12% increase from February. With more stock available, more prospective buyers are being tempted back into moving. Last year buyers showed less commitment as they were concerned that mortgage rates and house prices were falling so many just kept an eye on the market. With less volatility across house prices and mortgage rates, buyers are more forthcoming with offers when they view a suitable property. The Easter half term can often be quieter with parental responsibility and holidays, but we haven’t seen any slow down this year, which gives us confidence that the market should remain buoyant into the summer months.
Mortgage rates
MoveIQ identified “mortgage approvals across the UK jumped 7.7 per cent in February to 60,383. This is a huge 40% higher than a year ago and is the fifth month in a row that there’s been an increase”.
This positive indicator should motivate sellers to take action. It shows that more buyers have obtained a mortgage loan ‘in principle’, giving them the confidence to search for a home knowing they have the funds to finalise the purchase.
As of 21st March 2024, the current Bank of England base rate stands at 5.25%, with the next review set for 9th May 2024.
As of Friday 12th April 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 March and as we dive into the second quarter:
The rental market is now in full swing as we enter a spring market, the only difference this year as opposed to previous years, is that the market feels busier than before. We are seeing peak summer conditions in terms of activity, with the level of properties available and the constant flow of enquiries from tenants looking to move, as we draw a close to the first quarter of the year, the signs are that this level of business will continue as we enter the usual vibrant spring / summer rental market.
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
We caught up with Commercial Manager, Leigh Doherty, to update us on what’s been happening in the industrial market throughout March. Here’s what he had to say:
Quarter one has been very successful for our Commercial Department in both deals and property which has come to market. The most popular sector is investment properties, and we have several willing and able purchasers, who are looking for more. We recently exchanged contracts on a transaction within ten days, which just shows the motivation from vendors and purchasers. Retail remains very strong and we tend to find that we have at least two interest parties per instruction. In addition, it’s good to see that the office market is finally making a comeback since Covid, and we have agreed several deals in Q1 which is extremely positive.
We are going into Q2 with a huge amount of positivity and with Easter behind us, the market should be buoyant.
If you are looking for commercial property or need assistance with finding the right tenant or purchaser, or simply need advice, then feel free to contact one of our friendly team on 01903 792785.
The road ahead
We very much hope that the spring feel continues throughout the housing market. Our key piece of advice right now is about timing. Given all that’s predicted later this year, including fiscal events, the first half of 2024 may prove the better time to make some property changes, rather than waiting for the post-summer period.
To navigate the upcoming months successfully, it is crucial for all involved in the West Sussex property market to remain informed and flexible.
On a separate note, plans are in motion to create another show-stopping night for the annual Jacobs Steel charity ball and 40th birthday celebration! We are so proud of what we achieved last year – Jacobs Steel’s Charity Ball 2023 Raises Just Shy of £18,000 for local charities Guild Care and Mind, and we can’t wait to do it all over again this autumn and smash last year’s total! If you would like to get involved, we are organising the donations for the auction and raffle at the moment so please do contact the team for further information.
