Andrew Nunn Associates have produced another quarterly review of the property market.
Mateo Asminian in Sales says:
As we entered Q4 of 2024, with favourable news on inflation and forecasts of rate cuts, activity levels in the property market here in W4 remained strong. In fact, by the time the Budget came around on the 30th October, 41% of the quarter’s sales had already been agreed! The budget announcements appeared to be quite focused on redefining the term “working people,” with the Chancellor opting for a more lenient approach towards property (spare a thought for those buying second homes at this time). The positivity in the property market was compounded a week later when base rate was trimmed for just the second time in over four years, finally dipping back below 5%. Surprisingly, and slightly contrarily, the subsequent 6 weeks saw home supply and demand levels in Chiswick gradually cool, before the market’s second wind kicked in in the last week of December. By the close of the quarter, mortgage rates were some 8% up on average and inflation was back above 2%; however, with buyers and sellers seemingly well-accustomed to these economic blips, sentiment remained positive.
Katherine McDowall from the Lettings division says:
With the absence of buy to let landlords now firmly impacting on the rental market the inconsistencies of supply have become more exaggerated over the last year and so we are now witnessing more “short term pricing strategies” based on supply levels in the moment. This leads to a market with more optimistic initial pricing but also an increased number of price reductions required before a tenant is found. Year on year rent levels have improved across the board and applicant registrations and viewing numbers in Q4 2024 were very strong suggesting we could expect a buoyant start to 2025.
For the full report, please click on q4-2024-newsletter.
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January 14, 2025
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