The UK property market continues to be a topic of conversation, with July 2024 seeing a mixed picture. In our latest property market update, we'll look at the latest trends for buyers, sellers, landlords, and renters, and of course we are keeping an eye on the potential impact of the recent general election and the incoming government.
Property Market Overview: Steady Growth with Regional Variations
Nationwide house prices saw a modest 0.2% rise during June 2024, bringing annual growth to 1.5%. This is quite a significant shift from the heady days of double-digit growth in 2023. However, it's important to remember that the market can vary significantly depending on location.
Buying: A More Balanced Market
For potential buyers, July has seen a more balanced market. Rightmove reports a rise in available properties, easing intense competition and making for an altogether calmer buying experience and considered decision-making.
The best mortgage rates are hovering around 4.7% and recent cuts to the base rate offer hope for even more improved mortgage deals in the coming months, with Oxford Economics still predicting a Bank of England base rate cut in August.
Tips for Buyers:
Do your research: Understand your budget and target areas thoroughly. The experienced team at Freelancer Lets & Sales can help you with buying a property in Newport. Simply call us on 01633 856344 for advice.
Be prepared to act quickly: Great properties can still attract multiple offers so it’s important to have a mortgage agreement in principle to help you secure your new home.
Consider working with a mortgage broker: With a complex mortgage landscape, a broker can secure the best possible deal for your circumstances, ensuring you get the most out of your budget. Freelancer Lets & Sales is happy to recommend a mortgage adviser. Please just ask.
Selling: Strategic Timing Can Be Key
Sellers may need to adopt a more strategic approach in July's market. There are still plenty of buyers around, however, the number of properties for sale has dropped off slightly. July and August can be quiet months for sales, but a well-presented property with a competitive asking price, will likely attract interest.
Tips for Sellers:
Price realistically: Get an accurate valuation of your property to attract serious buyers. Remember that the highest valuation is not always the way to go! Always consider an estate agent who you feel you can trust to market your property in the best way and achieve the price your property is worth. For a free valuation, call Freelancer Lets & Sales on 01633 856344 or email us at enquiries@freelancerlets.com.
Presentation is key: Invest in decluttering, staging, and kerb appeal to make your property stand out. First impressions matter, and potential buyers often make snap judgments during viewings.
Landlords and Lettings: Demand Stays Strong
The property market in Newport is experiencing notable activity, particularly in the lettings sector. Rental demand remains strong, with a diverse range of tenants seeking homes, from young professionals to families. Landlords are benefiting from this trend, as properties are renting quickly and maintaining stable rental incomes. Overall, Newport's rental market is thriving, offering promising opportunities for both landlords and tenants.
Tips for Landlords:
Stay informed: It’s crucial landlords keep up-to-date with changes in regulations and legislation by following resources like the National Landlords Association (NLA). If in any doubt speak with a member of our lettings and property management team at Freelancer Lets & Sales on 01633 856344.
Consider tenant retention rather than rent increases: A reliable tenant who takes good care of your property can be more valuable than a small increase in rent. Building a positive relationship with your tenants can lead to long-term stability and fewer void periods.
Maintain your property: Regular upkeep ensures your investment remains attractive to tenants and minimizes the risk of costly repairs later.
Looking Forward: A Market in Transition
The UK property market is in transition. Modest growth and regional variations are key factors to consider. However, while there may be adjustments ahead, the fundamental strength of the UK property market is likely to endure.
For buyers, sellers, landlords, and tenants this period offers an opportunity to be informed, strategic, and adaptable. By understanding the current trends, staying informed about future developments, and seeking professional advice when needed, you can navigate the UK property market with confidence.
Freelancer Lets & Sales are your local estate agents in Newport. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Newport, please get in touch.
Call us on 01633 856344 or email enquiries@freelancerlets.com to chat with a member of our friendly and experienced team.