The New Forest Market Update
July
MARKET
HIGHLIGHT
Confidence in the market is returning, despite interest rates remaining high.
Some mortgage lenders have reduced their rates in anticipation of a Bank of England interest rate cut in August
Sales agreed up 15% over the past month on 2023.
New properties coming to the market down by 9% over the past month on 2023
Avon Castle Drive, Ringwood- £4,000,000
June saw a 02% rise in UK house prices taking the annual rate of growth rate to 15%, up from 13% in May
Recent revisions to house price forecasts show a more optimistic outlook for the year, helped by inflation reaching its 2.0% target in May (ONS) and a bank rate cut imminently expected.
Consensus forecasts suggest that by the end of 2024 the bank rate will be 45%, down from 525% currently (HM Treasury). Although the reduction in mortgage debt costs has been modest so far, the combination of better interest rate forecasts and a brighter economic outlook has provided more room for house price growth this year.
The latest forecasts suggest 14% house price growth to the end of 2024, a significant improvement to the -26% forecast at the start of the year (Dataloft by PriceHubble average of forecasts).
Market Momentum Returns
Most buyers and sellers have proceeded with their plans since the election was called, 95% of people planning to move home said that the election will not affect their plans.
Over the last four weeks, the number of sales being agreed has remained steady at 6% higher than a year ago Buyer demand has also remained stable and is now 5% higher than last year The only indication of election-related caution is a slight decrease in the number of new sellers, particularly in the more discretionary, high-end segment of the market.
The average time to sell continues to reduce, falling to 60 days in May, down from the highs of 78 days in January and the fourth consecutive monthly fall.
5 Bed / 1 Acre / Swimming Pool Avon Castle,Ringwood- £4million
5 Bed / 1 Acre / Annex Ringwood- £1,900,000
4 Bed / 3 Bath Wooton- £1,500,000
5 Beds / Annex/ 24 Acres / Rockford, Ringwood- £2,895,000
4 Bed / 1 Acre Wooton-£1,500,000
3 Bed/ 2 Acres/ Outbuildings Fordingbridge- £1,160,000
‘’I specialise in the sale of property at the upper end of the market (£800,000+) across The New Forest Being part of a local and international network of over 300 offices I can help ensure my clients properties receive maximum exposure and at the same time help to find you your ideal next move.’’
To discuss the local market, please feel free to contact me and I would be delighted to help ‘’
