West Sussex Property Market Review – Winter 2023

December always unfolds with a touch of magic and enchantment. Christmas lights begin to twinkle, children open their advent calendars, and there’s a feeling of joyous anticipation in the air. As we write our property market review for winter 2023, there’s a similar feeling of expectancy and hope for a much more positive 2024 for buyers and sellers alike.

Twelve months ago, we wrote a seasonal market update just after the ill-fated September 2022 mini-budget, and we were still determining where we would end up. There were predictions of double-digit house price falls. But a year on, we’re pleased to say this wasn’t the case. More importantly, after twelve months of borrowers and lenders familiarising themselves with a new financial landscape, there is more than a hint of optimism in the air, and market confidence is building.

As lenders become competitive again, we see far better rates coming out of the mortgage market. And if inflation continues to fall, many industry insiders predict that these will dip even further. This is all good news, and we have begun to see the results of this at a local level. Recently, we have seen a marked upturn in buyers wanting to view for a second time as people begin to get back to the serious business of finding new homes.

With finding ‘the perfect home’ at the top of many New Year’s resolutions lists, the festive period is a great time to be visible online. Year after year, Rightmove reports that its website sees increased visitors in the week between Christmas and New Year. And, if you decide to list before Christmas, your festive celebrations will still be safe. We can arrange viewings for a date in the New Year after the last mince pie has been eaten and the decorations have been packed away.

Keeping Property Simple:

At Penfolds, our goal is to keep property simple. The key to a successful sale and starting your onward journey is preparation. So, we’ve created a two-step to-do list if you want to move in 2024.

1: If you need to borrow, find out how much could be available to you.

2: Get a valuation on your current property.

It really is that easy!

We recommend avoiding online mortgage calculators for step one as they’re only as good as the information you put in. Instead, we can recommend respected, independent mortgage brokers with access to the entire mortgage market. These professionals are deeply knowledgeable and worth their weight in gold; they can help prepare a mortgage application for your circumstances.

And when it comes to step two, we’d love it if you gave us a call. At Penfolds, with over three decades of industry experience between us, we’ve learnt that there’s more to a valuation than the number of bedrooms a property has. It’s about how it feels to live there and the unique value it offers. That’s why we believe every successful property transaction starts with a conversation. As independent estate agents, we’re not bound by a nine-to-five culture, so we’re ready to chat at a time that suits you. Give us a call and allow us to help you get moving.