OCTOBER 2024 PROPERTY MARKET UPDATE

As mortgage rates adjust, demand for rental properties remains high, and upcoming regulations loom, there’s plenty for buyers, sellers, landlords, and renters to consider.

Market Opportunities for Savvy Buyers
For buyers, there are reasons for optimism. While affordability remains a concern, mortgage rates have slightly improved, giving prospective buyers a chance to secure better deals. Nationwide reports that the average UK house price is currently around £262,000, so this could be a good time to step into the market if you’re prepared.

Tips for Buyers:
Consider Homes with Potential: With more properties in Norwich and Norfolk coming to the market, exploring those in need of minor updates can be a smart move. You may find a home at a lower price that you can add your personal touch to.
Take Advantage of First-Time Buyer Schemes: Schemes like the Lifetime ISA or Shared Ownership are still widely available and can make a big difference in affordability.
Look for Eager Sellers: As the year draws to a close, some sellers may be motivated to secure a deal, so a little bit of negotiation could go a long way.

Take a look at our current properties for sale in Norwich and Norfolk to find your ideal home.

Sellers: Make Your Property Stand Out
With more properties entering the market, sellers need to ensure their homes capture buyers’ attention. According to data from the Land Registry, homes priced up to £350,000 are selling the fastest as buyers prioritise affordability. So, sellers should think creatively about how to make their property appealing.

Tips for Sellers:
Emphasise Energy Efficiency: With rising energy costs, energy-efficient features are a strong selling point. Simple upgrades, such as adding draft-proofing or energy-saving bulbs, can boost appeal.
Focus on Online Presence: Make sure your estate agent is promoting your property online, including on social media we are highly proactive on our socials, ensuring your home gets the best online coverage.
Be Transparent About the Property’s History: Buyers appreciate upfront information, so sharing recent upgrades or repair work can help build confidence.

Landlords: Maintenance Check
Autumn is when landlords should be preparing their properties for winter. Now’s the time to fix any drafty windows, creaky doors, or leaky pipes that might cause trouble in the colder months. Consider sending an email to tenants, letting them know you’ll be checking the property. This proactive approach shows you care about their comfort and keeps your property in good shape.

Tips for Landlords:
Consider Allowing Pets: Demand for pet-friendly rentals is growing, so allowing pets can broaden your tenant pool.
Update Your Agreements: Check your tenancy agreements to ensure they reflect the latest legislation, particularly around notice periods and tenant rights.
Invest in Energy Efficiency: Simple updates, like installing energy-efficient lighting or insulation, can improve your property’s appeal while meeting future standards.

Renters: High Demand Meets New Rights
For renters, there is higher demand for rental properties, with rents up around 5% over the past year, according to ONS figures. As the Renters' Reform Bill moves forward, it’s a good time to understand your evolving rights as a tenant, especially with protections against eviction becoming stronger.

Property Market Outlook
This month, the UK property market brings a mix of opportunity and challenge. Buyers can find deals, sellers need to go the extra mile to stand out, and landlords are encouraged to stay proactive with property maintenance. Renters should remain aware of their rights while acting quickly in a competitive rental landscape.