November Property Market Update

October was a busy month across the business in all areas. We saw an increase in all areas compared to September there was a substantial increase in sales compared to 2022,  we sold 50% more properties than last year! Sales are also up 20%  compared to 2021.

Why are we seeing an increase in sales and rentals? There is increased confidence in the market, buyers are now factoring in the higher interest rates (which are ‘normal’ to people who had a mortgage in the early 2000’s and before). Property prices are holding steady, we are not seeing rapid price growth, but we are also not seeing prices plummeting. If you are buying a property as a home or even as a buy to let, it is generally a long term investment and buyers are taking a long term view. Home owners who are moving to downsize or upsize often can not delay indefinitely to see ‘what happens’ to the market and are selling and buyers.

The rental market is  buoyant,  we are continuing to see people moving to the region for work and to study alongside people who are perhaps not ready to financially commit to buying a home.

We were delighted to be successful in winning a Shaun the Sheep ‘Club Tropicana’ at the auction for St Oswalds Hospice and he has pride of place in our head office. Welcoming visitors and staff alike, we are planning an open day for staff from our offices to bring their children to come and meet him. If clients would like to pop in and see him, they are always welcome, please get in touch.

The Autumn and winter market is always my favourite time of year, we find that there are generally less people actively looking at properties but those who are, are genuinely interested in purchasing and not ‘tyre kicking’. In previous years we have even sold properties on Christmas Eve so it is by no means a time of year when nothing happens.

As ever if you are thinking of selling or renting your property please get in touch and we would be more than happy to carry out a free valuation.

Best Wishes,

Caroline Pattinson

Managing Director