These figures are taken from the Rightmove property index, which rather unfortunately includes the Cambridge data within the East Anglia region, but it does show a more regional interpretation of price change, rather than the national figures which are always way out for us in Norfolk with London prices being so high!
I have created this chart over a 15-month period because I feel it shows a bigger picture.
It does appear as though we seem to have found some support in pricing as after seven or so months of steady price falls we seem to have bounced back a little. There is a risk that this is the market taking a breath and prices could slip further, although, we do feel that with interest rates now stabilising, prices should go sideways for a period of consolidation.
It only feels like yesterday that we were watching Big Ben strike 12 o’clock for the change into 2024 and we are already slipping into February!
Having said that, I think my month has gone so quickly because we have seen a distinct upturn in the marketplace. Viewing levels appear to be increasing and new instructions most certainly have ramped up earlier than expected this year.
Reading between the lines, there are still an enormous amount of buyers out there watching the Internet and holding back on arranging viewings, as our clickthrough rates online are very high, versus activity levels. But we do have an unmistakable feeling that there is more confidence out there in general.
Buyers certainly appreciate that interest rates have slowed, and may now stop increasing?
Banks have started dropping rates and making their products more available to the masses.
Locally in Norfolk there is still a significant bottleneck with new build development and all of the nutrient neutrality regulatory hold-ups, which is meaning second hand stock is more in demand, as these are the only properties becoming available.
Looking ahead into this year, we will have a general election, but my understanding is that this has been pushed back into the third quarter, so there will be an opportunity for the market to recover.
With all this in mind, prices should stabilise allowing people to get moving in the spring ,leading into the summer before we get affected by those upcoming political campaigns.
After the uncontrollable surges in the marketplace, following Covid, I’m sure many of us would be very happy with a slow and steady 2024 allowing prices to solidify properly.
If you would like to discuss with us how your property price has changed, then please do reach out. Alternatively hit the button below to look at our online valuation tool which will point you in the right direction.