State of your local property market: February 2024
As we pack away the rose petals cupid left behind, we look back on what’s been happening to the property market throughout February across Angmering, East Preston and Rustington.
This year, the team at Cooper Adams are celebrating 20 years of business (officially from July!) Ahead of this official milestone, we have shared a recent article - 20 things we've learned in 20 years.
There is a palpable sense of prosperity rippling through West Sussex as we charge towards the Spring. Traditionally, in estate agency services, this time of year is a popular time to make big changes, turn over a new leaf and ‘spring forward’ into new adventures. The spring market is extremely buoyant so if you’re seriously considering buying or selling property, act sooner rather than later and get in touch with the team at Cooper Adams today.
The current landscape
Who better to ask than the local experts? Shaun Adams sheds some light on his observations from February:
“In my view the market has lifted and showing early signs of stability forthcoming. There are more new properties coming to market with more viewings and sales. Mortgage rates did drop but some have risen again slightly. Prices are levelling now and many have bottomed out. Some sellers are still optimistic and having to reduce or take lower offers than they thought. Inflation is still cooling which is good. Luckily the middle eastern troubles haven’t yet affected fuel and good prices too much. The economy is still fragile and an election looming will guarantee the next budget has more sweeteners in it. There is talk of stamp duty dropping slightly to encourage growth.
Lettings is still strong, there are still a few more to choose from but values are still buoyant”.
We also asked James McGillivray, Rustington Branch Manager & Property Valuation Expert, at Cooper Adams to hear what’s been happening in the local market:
“As an office, we have had a better month and year so far on exchanges when compared to the same time last year.
With mortgages lower than they have been, we are noticing more applicants register, an increase in offers and therefore sales. First Time Buyers are still few and far between however more buyers are registering as the weeks go by. With the budget next week (6th March) and potential talk of interest rates lowering, I imagine we’ll see an influx of buyers and sellers come to market over the month with a positive end to the quarter”.
Over at Angmering, George Aylott, Angmering Branch Manager & Property Valuation Expert shares:
“February has seen a continuation of the positive trends we saw in January. First time buyers continue to come to the market and we are now seeing this having a knock on effect further up the housing ladder giving second, third and fourth time movers the confidence to consider their next move”.
Mortgage rates
The Bank of England (BoE) met for the first time this year on 1st February, and the decision was made to maintain the base interest rate at 5.25% again. This rate has been unchanged since September 2023; the last adjustment we saw was back in August 2023 when the base rate was increased to 5.25%, reaching a 16-year peak.
There’s a general consensus, shared by a number of financial analysts, of despite having kept this rate steady for a few months, the BoE's monetary policy committee (MPC) will reduce the base rate later this year, considering the notable drop in inflation in recent months.
As of Thursday 29th February 2024, the current average mortgage rates are shown below:
Get in touch with your local Cooper Adams office today who can connect you with our reliable and trusted mortgage advisor to help you with all your mortgage enquiries.
Our broker stands out from other advisors by not charging any additional fees. They excel in securing and locking in the best deals for you. However, if a superior deal emerges, they have the capability to switch it for you. Their proactive approach ensures they are dedicated to helping you save money and find the right fit for your home purchase.
Rental market review
New shoots are changing the visible landscape across the county as well as the new developments popping up all over, and with them bring new opportunities alike, causing some positive disruptions to the local rental property market.
We caught up with Sam Dunnings, Head of Lettings at Cooper Adams to hear how 2024 has started in the lettings side of business:
“The buzz is on buy-to-let but the question remains - what to buy?
Angmering has 7 new home building sites currently under construction! There are some amazing deals to be had out there at the moment and we highly recommend buying a new build to rent out. Typically they come with a comprehensive 2 year guarantee. Tenants are wanting new builds more than ever and you may be surprised about the income that could be received! Get in touch to discuss opportunities in Angmering”
The road ahead
Correct pricing is still an important factor. Nathan Emerson, the Chief Executive of Propertymark, emphasises the necessity of making adjustments to bring valuations in line with market expectations as we advance into 2024. The start of the year is anticipated to remain busy, with the pace of activity dependent on economic stability and policy choices.
It’s still clearly a buyer’s market; sellers are encouraged to avoid setting excessively high prices and to seek guidance from local agents who are well-versed in the housing market of the area. Read our blog ‘How to sell your home in Spring’ written by Shaun Adams who shares some valuable advice.