Our Feburary Market Report
Welcome to the latest market report from LL Estates, giving you Key insights and Analysis of the market
A month into 2024, things are already shaping up to be another busy year for the property market in North Wales.
As always, the bigger economic picture will, of course, have an impact, although what happens on a local level really matters to you if you're buying or selling a home.
The year has actually started off with positive signs for everyone, so let's take a look at things in more detail.
House prices
According to the latest data from Rightmove, the average new seller's asking price rose by 1.3% last month, which is the biggest December to January increase since 2020.
Although we'd expect to see a modest rise after the usual quiet December holiday period, this New Year increase is double the 20-year average.
HM Land Registry reported last month that in 2023 more than half a million properties were sold in the North Wales area that we cover. There's no reason to expect that figure to be any less in the months ahead.
So if you're thinking of selling, why wait? Buyer demand in the first week of 2024 was 5% higher than in the same period last year.
More choice
There's also plenty of good news for buyers. The number of new properties coming onto the market for sale at the start of this year was 15% higher than in the same period of 2023, again according to industry benchmark Rightmove data. This means more choice and keener competition amongst sellers to price for a quick sale.
More than that, the number of sales being agreed was 20% higher too, which means that people really are putting their plans into action in a decisive way.
Part of the reason for this could be the continuing good news about mortgage deals. The average 5-year fix is now 4.86%. When you put that up against last year's peak of 6.11% in July, it really does go some way to explain why more buyers are willing and able to put in offers right now.
Local knowledge
There have been some recent news stories about the qualifications needed to be an estate agent, and we think it raises an important issue of trust.
We are proud to be a member of the Federation of Independent Agents (FIA) because it is gained by invitation only. Membership is limited to one local independent estate agent in each area who meets the high standards and qualification criteria of the organisation. You can read more here https://llestates.co.uk/why-choose-an-fia-member-agent
We cover an area across North Wales that includes Denbighshire, Conwy, and Flintshire. If you'd like to know the value of your home use our free online tools or contact us to arrange a face to face valuation visit at a time that suits you.
Call 01745 591811 or email rhuddlan@llestates.co.uk today.