The State of Your Local Property Market: August 2024
The Olympics is over, the summer holidays are drawing to a close and the leaves are starting to fall from the trees. With August came a renewed sense of optimism to the local and national property markets. Despite the traditional summer slowdown, there are encouraging signs of activity and confidence returning stronger than we have perhaps seen in a while. Even Rightmove has shifted their prediction of an annual drop in prices from -1% to an increase of +1%.
Whether you’re a buyer, seller, landlord, or tenant, understanding the latest market trends will help you make informed decisions. Let’s explore the key developments of August and look ahead to what the future holds.
The current landscape
This month, Managing Director at Jacobs Steel, Pat Barton, gives us his insights on what’s been happening in the local property sales market throughout August. Here’s what he had to say:
“The summer housing market has been surprisingly active, showing plenty of confidence in our local markets between Worthing and Brighton. Internally, Jacobs steel saw our sales increase by a substantial 30% compared to last year. It’s possible that this surge can be partially attributed to a recent reduction in the base rate, the first since March 2020. This reduction has also led to mortgage rates dropping below 4%, making home-ownership more affordable for many. As the new school year starts, we anticipate a further boost to the market.”
Matt Jacobs, Managing Director at Jacobs Steel, recently spoke openly about how the market has had to adjust from a sellers market to a buyers market. He discusses how there’s a battle between buyers and sellers when it comes to pricing, and how buyers are feeling a sense of relief at not having to make such instant decisions.
Mortgages
The current Bank of England base rate is 5.00% as of 30th August 2024. As of the same date, the current average mortgage rates are shown below (sourced from (https://www.uswitch.com/mortgages/) but we would also recommend speaking with an independent mortgage broker, like Adam or Matt before committing to a product.
Rental market review
Ollie Whiting (MARLA), Lettings Manager at Jacobs Steel shares his thoughts on the July lettings market:
“The rental market is currently at its busiest in terms of available properties and tenants actively searching, the August rental market is historically buoyant and competitive and between August and September, we tend to find the rental market is at its peak.
This is good news for renters due to the consistent level of properties coming available, however it is also a very competitive market, which is good news for landlords in terms of demand.
We are finding that most properties are fully booked within the first 24-48 hours of marketing and let within the first week – two weeks of launching, providing the price is correct.”
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 finding that one of the busiest areas of the commercial market is the retail sector, as demand is very high and we are finding that on the vast majority of occasions, the property is let on the first viewing. This isn’t specifically isolated to an area, as we have retail premises which gain interest from Brighton, right through to Worthing.
If you have a shop which might be coming vacant, then get in touch, and take advantage of the demand. Typically, the market tends to quieten down in the lead up to Christmas, and transactions are taking between 8 – 12 weeks, therefore, it’s the perfect time to start a marketing campaign and secure a tenant in 2024.”
We have some exciting development projects coming soon, so please register if you are on the lookout for this type of thing. Alternatively, if you require a valuation, then please contact one of our commercial team.
The road ahead
The UK property market has experienced a tumultuous year, characterised by interest rate fluctuation, government changes and a national slowdown in transactions. Yet, regionally and locally, the property market has remained stable and is now showing exciting signs of growth and renewed confidence.
Moving forward into September, we expect the market to continue to enjoy a busy season as many buyers and sellers look to secure their property’s future before the end of the year. We’re hopeful that interest rates will continue to decline, which could also trigger a further surge in activity.
From Worthing to Brighton & Hove, property will continue to be in high demand, so our key piece of advice right now is to keep in close contact with local reputable agents. As we said last month, the market remains very price-sensitive and sellers are advised not to set overly high prices.
Looking to sell your home quickly? Get in touch with the team to book your valuation visit now.
