Why 2024 is the Perfect Time to Sell Your Home

As we approach the end of 2024, the housing market is proving to be an exciting and dynamic space for homeowners and potential sellers. Whether you’re looking to upgrade, downsize, or relocate, the current market conditions make it an ideal time to consider selling your property.

Here’s why acting now could benefit you:

1. Sales Activity is Thriving

2024 has seen impressive sales growth, and the activity levels are higher than in previous years:

• The number of sales agreed is up by 26% compared to the same period last year.
• The sales pipeline is the largest it’s been in four years, with a 30% year-on-year increase in values.
• New seller listings have risen by 6% compared to 2023, indicating that more homeowners are putting their properties on the market.

Motivated buyers are driving this surge in activity, largely due to improving affordability and competitive mortgage rates. This trend creates an excellent opportunity for sellers to tap into a highly active market.

2. Mortgage Rates Are at Their Lowest in Two Years

One of the biggest concerns for buyers has been affordability, but there’s some good news. Mortgage rates are currently at their lowest levels in two years, thanks to two Bank of England base rate cuts this year.

Mortgage rates are expected to stabilise between 4% and 4.5% in 2025, making homeownership more achievable for many buyers. As a result, those who previously held off due to high rates are now returning to the market, creating a fantastic opportunity for sellers to list their properties while demand is high.

3. Stamp Duty Changes: A Window of Opportunity

The recent Autumn Budget revealed significant changes to stamp duty, which will take effect in April 2025:

• For sellers, the threshold will drop from £250,000 to £125,000, potentially impacting affordability.
• For first-time buyers, stamp duty relief will decrease from £425,000 to £300,000, limiting their purchasing power.

With these changes on the horizon, now is a great time for sellers to act. Listing your property before the new thresholds take effect will attract motivated buyers eager to secure a home before these changes reduce their buying power.

4. Regional Trends: Affordability is Key

In areas with more affordable housing, such as the North East and parts of the Midlands, demand is surging. These regions are experiencing above-average growth, meaning that sellers in these areas are in an excellent position to capitalize on rising demand.

For sellers in regions with more affordable homes, now is the time to take advantage of the market’s momentum.

5. Why Sell Now?

There are several reasons to consider selling your property now:

• High Buyer Demand: First-time buyers, who make up 36% of the market, are actively searching for homes.
• Improving Affordability: Lower mortgage rates are helping buyers feel more confident in their purchasing decisions.
• Optimized Timing: Listing your property before April 2025 allows you to benefit from heightened market activity and motivated buyers before changes to stamp duty affect affordability.

In Conclusion: Don’t Miss the Opportunity

If you’ve been thinking about selling your property, there’s no better time than now. The market is thriving, and with improving affordability, high buyer demand, and upcoming changes to stamp duty, acting now could give you the best chance for a successful sale.

Contact us today for a free, no-obligation valuation, and let us help you make the most of this exciting time in the housing market.