Property Market Review – Spring 2024

The first signs of spring are emerging in beautiful West Sussex. This season always brings renewed vigour to the real estate market. With the arrival of warmer weather, blooming flowers, and longer daylight hours, people are naturally drawn to the idea of new beginnings and fresh starts. Indeed, spring inspires a sense of rejuvenation and possibility, prompting people to turn their attention to fresh ventures, including the exciting prospect of finding a new home. This year, the arrival of spring coincides with recent falling inflation figures and mortgage interest cuts, which also inspires market confidence. So, all in all, we are looking forward to sunnier days ahead. Read on for our West Sussex property market review for Spring 2024.

Getting on with the business of moving:

The marketplace has become more stable over the past twelve months, and this is far more sustainable and encouraging than historic boom periods. We’ve seen a gradual change in sentiment as buyers and sellers have become more acclimatised to a new financial landscape. They are now simply getting on with the business of moving. Whatever the economic backdrop, people will always have reasons to move house, whether upsizing, downsizing, or relocating, which is why we see houses in all price brackets coming to the market locally.

There has been some encouraging recent growth in house prices nationally. According to the UK’s biggest property website, Rightmove, this month’s 1.5% price growth is notably higher than the historical March average of 1%. It is also the most significant monthly increase for ten months. However, with buyers sensitive to price, having the right team by your side has never been more critical if you’re selling. We advise that you avoid websites offering flattering overvaluations designed to prompt your signature on a sales agreement; remember, viewings are scarce if a property is priced too high.

Straightforward conversations and an honest approach:

At Penfolds, we won’t try to seduce you on pricing. We believe in straightforward conversations and an honest approach, offering informed valuations that sell properties rather than flatter owners. Over three decades of combined experience have taught us there’s more to the value of a property than past sales figures and the number of bedrooms it may have. There is always a unique value to the right buyer, and it’s our job to find you that buyer. We have built a solid reputation for striking the delicate balance between a realistic valuation of your home and achieving the best price possible.

Remember, as independent estate agents, we always put people before property. So, whether you have a large family home, a semi-detached in a local town, or an apartment in a conversion, we can help you find your buyer and facilitate the next steps on your property journey. Give us a call and allow us to help you get moving.