As we head into the second half of 2024, the property market has remained largely stable, with the number of sales being agreed across the country remaining steady at 6% higher than this time last year.
Despite house prices beginning to fall across some London boroughs, Kensington and Chelsea, Hammersmith and Fulham, Wandsworth, and Westminster have all seen property price increases over the last month. Kensington and Chelsea remains the area with the most valuable properties, with the average house price now £1,676,283 – up 1.1% from the previous month.
But what does the recent data mean for you and your property journey? At Knightsbridge International Real Estate, we’re committed to keeping you in the loop with the latest market trends, to help you get where you want to be.
What this means for buyers
As house prices are expected to remain largely stable over the summer, you can be confident that you are marking a purchase at the best possible price in the current market.
While we wait for the results of the general election, the main thing for buyers to be aware of is the continuing high mortgage rates. No matter whether you are trying to secure a mortgage for a small percentage of your property purchase, or a large one, the current high rates should be a consideration for you. Fortunately, many financial experts are predicting that the Bank of England are looking to cut the base interest rate over the next quarter, hopefully resulting in lower interest rates on mortgages going forwards.
What sellers need to know
The time to sell is falling, with the average in London down to 60 days during the last month. For sellers who are looking to make a quicker sale, this is great news. Looking at the number of new properties being listed for sale in the five-bedroom plus sector of the market, there is a 3% decrease compared to this time last year. With limited stock becoming available in this portion of the market, there is plenty of opportunity for the sellers who are ready to sell their property to achieve a good price and complete the sale in a timely manner.
Whether you are looking to buy, sell or both, find out more by getting in touch with our expert team today.
