UK Property Market Sees Positive Growth in 2024 – But Challenges Remain!
The UK property market has shown promising signs of recovery and growth in 2024, buoyed by increased buyer activity and a rebound in key areas of the housing sector. However, the market is not without its hurdles, as affordability concerns, the potential risk of rising interest rates, and regional disparities continue to pose challenges.
The UK property market is showing signs of strength, with a remarkable increase in homes marked as ‘sold subject to contract’ (SSTC) between January and November 2024 compared to the same period in 2023.
This upward trend in every region across the country, reflects renewed confidence among buyers and sellers.
Here’s the regional breakdown of growth:
• East Anglia: Up 22.2% (highest growth in the UK)
• East Midlands: Up 21.5%
• South East: Up 19.6%
• North West: Up 18.5%
• London: Up 18.3%
• West Midlands: Up 18.2%
• Yorkshire & Humber: Up 17.6%
• North East: Up 15.7%
• South West: Up 15.6%
• Wales: Up 14.6%
• Scotland: Up 12.9%
• Northern Ireland: Up 12%
This growth is an encouraging sign, particularly after the challenges of the past few years. However, while more homes are being marked as sold, yet it’s crucial to remember that only 53% of properties listed on the market in last 18 months has ultimately resulted in a successful sale and move.
What This Means for Home Sellers in Attleborough?
The data shows that while the market is improving, choosing the right estate agent remains essential to achieve a successful sale. As some Attleborough homeowners prepare to make their move in 2025, working with an agent that understands the local and national market and focuses on securing successful outcomes is key.
Feel free to reach out to me for a no-obligation consultation to discuss how I can help you navigate the current Attleborough property market and maximise your property’s potential! Call me on 07970203228 or send me an email tony@millbanks.com