Elmbridge Market Roundup 2023

Sun 31 Dec 2023

I think it’s fair to say it’s been a year of 2 halves! 2023 started off still warm and rosy from the glow of the heady markets of the previous two years, where stock was very low and everyone clamoured to buy whatever came available. The shelves could not be stocked quickly enough. War, interest rates and an unstable government soon dampened the property party and by the summer everyone was starting to get much more cautious about whether they should move or not. Come September and the hangover really kicked-in and the balance started to tip. We saw some great homes coming onto the market but people were now worrying about what lay ahead. No longer could sellers be as bullish with pricing and deals got harder to hold together, you needed an experienced agent on your side. So, now we arrive at the end of the year where borrowing is still expensive and people are holding their breath to see what the market does next year. Any one of our partners that will look after you have worked in the industry since the 80’s and 90’s so we’ve seen these markets before and are in tune with the trends and more importantly, how to deal with them. One thing is normally sure, people will only hold off moving for so long. Because of the fall in transactions in 2023, there is a pent up demand out there. Once market conditions become the norm, which is often within 3-6 months then confidence starts to return. With the main high street lenders now under pressure to lend, there is a downward

pressure on interest rates with some lenders already showing signs of reducing rates. It feels like the first quarter of 2024 may be that turning point. There are some great houses available to buy and stock levels are good. Now is the time to start considering a move for 2024, whether you are buying or selling, being ahead of the curve and prepared is all important. If you would like to discuss any aspect of the sales or lettings market, why not call or pop in for a chat. We love to talk property