As we navigate through 2024, the property sales market in the UK, particularly in Sussex and Brighton and Hove, presents an intriguing landscape. Recent data indicates a dynamic shift from a buyer's market to a more balanced playing field, reflecting broader economic conditions and local market nuances.

According to OnTheMarket, the UK housing market has transitioned from a buyer-dominated environment to a more equitable scenario. This shift suggests that sellers are now in a stronger position than in previous years, with properties attracting competitive offers more consistently‚Äč.

 

Asking Prices Are On The Rise

Rightmove reports that asking prices have reached new highs, driven by pent-up demand and the easing of certain market constraints. However, legal delays continue to frustrate transactions, underscoring the importance of efficient conveyancing processes‚Äč. For example, in Brighton and Hove, the average asking price has seen a significant uptick, reflecting the area's desirability and the scarcity of available properties.

We are still seeing the pressures of higher interest rates curtailing some of the movement we might otherwise expect as we approach the warmer months, but with inflation cooling, the Bank of England may decide to make a change there before too long and add to the tentative good news at the moment.

In Sussex, particularly Brighton and Hove, the market remains robust. These areas continue to attract buyers due to their unique blend of coastal living, vibrant culture, and strong transport links to London. The demand is particularly high for family homes and properties with eco-friendly features, aligning with broader sustainability trends in real estate.

 

Practical Advice for Sellers

Given these market conditions, sellers should consider the following strategies to optimise their property sales:

  1. Accurate Pricing: Ensure your property is competitively priced by consulting with local experts who understand the nuances of the market, pushing prices too high usually leads to accepting a lower offer than might have been achieved.
  2. Highlight Eco-Friendly Features: Emphasise any sustainable features of your property, as these are increasingly attractive to buyers and appear to be becoming more important with time.
  3. Prepare for Legal Delays: Be proactive in managing the conveyancing process to avoid unnecessary delays.

 

The current sales market offers opportunities for both buyers and sellers, but it requires a strategic approach to navigate successfully. By staying informed about market trends and leveraging local expertise, you can make the most of the current conditions in Sussex and Brighton & Hove.

For an up to date market appraisal, please feel free to send me an email to robert@eightfold.agency, whether you're thinking of moving, or just curious about what your home is currently worth.

 

For further information on House Price data, see reports from OnTheMarket, Zoopla, and Rightmove

Photo by Maciek Wróblewski on Unsplash