The stats are finally in ... What happened in the Gravesham Property Market in December 2023?
Catch up on the latest trends in the Gravesham Property Market for December 2023. How did the market fare compared to 2019, the last 'normal' year before the pandemic and other upheavals? Dive into our comprehensive analysis of property availability, new market entries, sales, and viewings in DA11 & DA12.
The Stats:
As we always do, let's compare 2023 figures to those of 2019, a year considered the last 'normal' before the turbulence of the past three years, marked by events such as the COVID-19 pandemic, a period of stamp duty exemptions, and political uncertainties.
DA11 & DA12 for December 2023
Year to date for DA11 & DA12
The Headlines:
December
Unexpectedly, the number of new properties coming to the market in December exceeded that of 2019 by over 20% which we hope is a reflection of the last 3 base rate sticks and resulting in reduced lending rates, thus confidence in the market. This is reflect in what we are already seeing in January 2024.
We did see a reduction in the number of sold properties for December and the percentage of those bought to market and sold which is in direct contrast to last months figures. We would normally expect December sold numbers to be lower as people prepare for Christmas so we don’t see it as a cause for concern. This is again supported by what we have seen so far in January in terms of sales agreed.
The year as a whole – 2023
Looking at the year as a whole the number of new and sold properties both decreased which we would attribute to rising interest rates at the beginning of the year. Now those rates appear to be under control we predict 2024 will not see the same reductions with January 2024 already seeing very positive numbers. Both buyers and sellers now see the revised borrowing rates as the new ‘normal’ accepting that the low rates of the past 10 years are unlikely to return.
Bottom line – if you want to move you will! And we are seeing that people are.
What M&M Has Experienced:
At M&M, we've personally witnessed a substantial increase in sold properties for this December when compared to 2019. Although the number of viewings per property has decreased, the appointments we're receiving involve serious buyers making offers and closing sales, which is an encouraging sign.
Our numbers are also reflective of just how much as a business we have grown and adapted to our market providing our Clients with exceptional marketing and customer service.
Money & Mortgages:
Positively, once again, the Bank of England has maintained interest rates, holding at 5.25% with inflation at 4%.
Whilst inflation is higher than the Bank of England's 2% target, its gradual decline has given lenders the confidence to reduce mortgage rates from their peak.
As we always say, it's crucial to remember that these market conditions are observed nationwide. This means that if you're selling your home, you may need to consider accepting an offer lower than your initial expectations, but this can be leveraged to negotiate a favourable deal for your next purchase.
If you require more specific property information in your area or could benefit from mortgage advice, please don't hesitate to reach out to our office. We're here and ready to assist you.
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Please note – numbers are supplied from Rightmove directly in January 2024. Figures exclude new builds, only includes residential properties.