This year has been a mixed bag for the property sector, but a closer look at the key metrics for market performance is beginning to paint a better-than-expected picture for what 2024 might have in store.
Thanks to the launch of a new interactive map (created by the Reach Data Unit from the Land Registry’s price paid data), home buyers and sellers can now see where house prices will likely rise the most in 2024 (and how they’ve changed in the last 12 months.)
Armed with this information, those looking to sell or buy next year might find themselves better poised to make an informed and measured decision about their onward move.
Like many towns and cities outside of London, Maidenhead has fared particularly well in the rankings.
The reason for this owes, in part, to the unique supply and demand dynamic of this area.
Currently, Maidenhead holds a particular draw with City dwellers looking to get more property for their money, without losing access to the lifestyle and career opportunies of the Capital. Given that new house building plans are looking relatively 'low key' for next year, the upwards pressure this trend is creating on second-hand stock only looks set to continue. Inevitably, this will help to prop up prices, as those determined to get a foot on the ladder in this area will inevitably be willing and prepared to pay more for the privilege.
Of course, this trend has been helped by the now-comparatively calmer mortgage market, which is lending home-movers both the wherewithal and confidence to action their ambitions.
In addition, the likelihood of a Government shake-up in the spring (part of which looks likely to involve ‘Help to Buy’ being reincarnated, in some form) is incentivising upsizers and second-steppers to act now, before the inevitable upwards pressure on prices begins to take effect.
Summary
While Maidenhead is predicted to enjoy lower-than-expected falls in asking prices next year, sellers will still need to take a considered approach when first putting their home on the market.
Starting with a competitive price will come with the highest chance for selling success, unlike beginning too high and reducing later (such is the mistake made by many selling agents, who often utilise over-inflated valuation techniques to secure new listings.)
For the right-priced home, there is likely to be a good level of demand heading into January, and particularly if the pressure on buying power continues to lessen. Granted, an end to the affordability challenges of late is not yet fully in sight, but it is reassuring in some regards, that in this particular corner of the Home Counties, predicted falls in new seller asking prices might not be felt quite so keenly as elsewhere in the country.
For more information on the Maidenhead property market, or to book a no-obligation valuation, please contact Braxton on 01628 674234 or email property@braxtons.co.uk