Reasons We’re in a Buyers' Housing Market | Estate Agents in…
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24 Oct 2024

5 Reasons We’re in a Buyers’ Housing Market

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Posted by Jordan Evans

The property market has its seasonal ebbs and flows, and autumn is typically one of the busiest times of the year. With the summer holidays behind us and the festive period approaching, many people are taking this opportunity to search for their next home. Here at Comfort Estates, an experienced estate agent in Nottingham, we’re noticing clear signs that the current market is favouring buyers, offering excellent opportunities for those looking to make a purchase.

Increased Market Activity Without the Frenzy

While sales have increased by 29% compared to last year and buyer enquiries are up by 17%, the current market is much calmer than the post-pandemic frenzy. Back then, demand was far higher than supply, leading to rapid sales and rising prices. Now, buyers have more control, allowing them to take their time to find the right property at the right price, with the help of trusted Nottingham estate agents like Comfort Estates.

Slower House Price Growth

One of the key signs of a buyers’ market is slower house price growth. In October 2024, average asking prices only increased by 0.3%, much lower than the usual 1.3% rise typically seen at this time of year. This indicates that sellers are being more cautious with pricing. At Comfort Estates, we encourage competitive pricing to help you attract serious buyers in this market.

  • October 2024: £371,958 (+0.3% monthly, +1.0% annually)
  • September 2024: £370,759 (+0.8% monthly, +1.2% annually)

Realistic pricing is key in a buyers’ market, and estate agents in Nottingham like us are here to guide you through this process.

Competitive Pricing is Crucial

At Comfort Estates, we know that pricing your home competitively is essential in today’s housing market. With more properties on the market, buyers are taking longer to make decisions. Properties that are overpriced may face the need for reductions later, which is why Nottingham estate agents like Comfort Estates advise setting the right price from the start to stand out.

More Homes Available for Sale

Buyers now have more options, with the number of homes for sale up 12% compared to last year. This increase in choice means more competition between sellers. At Comfort Estates, we specialise in helping sellers stand out in a competitive market by offering expert advice on pricing and presentation, so your property gets the attention it deserves from prospective buyers.

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What to Expect in the Future

As the year draws to a close, Comfort Estates is keeping a close eye on developments that could impact the housing market. The upcoming Autumn Budget and Bank of England decisions on interest rates will likely affect market conditions going into 2025. Whether you’re buying or selling, our team of Nottingham estate agents is ready to guide you through every step of the process and ensure you make the most of the opportunities in the current buyers' market.

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