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Is it time to rethink your home’s price this season? 

As we cosy up to autumn and the end of the year, it’s a great time to take stock of the property market and consider whether now might be the right moment to adjust your home’s price. With the leaves changing and the festive season approaching, let’s explore how this time of year typically affects house prices and what it could mean for you.
With Summer behind us and autumn drawing in, you may be wondering what you can do to successfully sell your home in 2024. Here, we look at what we can expect from the property market for the remainder of the year and whether a price reduction could be right for you.

What happens in the market this time of year?

Autumn often brings a shift in the housing market, and here’s what you can usually expect:
  • Buyer activity slows down: As the weather cools and the festive season looms, many potential buyers tend to focus on holiday plans rather than house-hunting. This can traditionally lead to a bit of a lull in the market.
  • Last-minute buyers: On the flip side, some buyers are eager to close deals before the year wraps up. This urgency can create opportunities for sellers looking to make a move.
  • Holiday distractions: With the festive season just around the corner, many people get caught up in festive preparations, which can lead to a quieter market.

What’s happening right now?

This year, things are looking a bit different:
  • Unexpected strength: Surprisingly, the housing market has shown some resilience. According to the Halifax House Price Index, there was a 4.3% year-on-year increase in August, marking the fastest growth since late 2022.
  • Price growth continues: The average property price in the UK hit £292,505 in August, which is up 0.3% from the previous month. 
  • London’s still on top: If you’re in the capital, you’ll find that property prices are still the highest, averaging around £536,056, which is up 1.5% compared to last year.

What’s driving these changes?

Several factors are at play in the current market:
  • Interest rates: There’s been some positive news regarding interest rates, which has boosted buyer confidence and kept the market buzzing, even as we head into the slower months.
  • More homes available: We’re seeing an increase in the number of homes for sale—at the highest level in eight years. This could give buyers more options and might mean more competition for sellers.
  • Economic uncertainty: With the Autumn Budget on the horizon, there’s a bit of uncertainty in the air. Changes to taxes could influence how buyers approach the market.

Should you consider a price reduction?

With all this in mind, here are a few friendly pointers to think about if you’re considering a price adjustment:
  • Market position: If your home has been on the market for a while without much interest, a price drop could breathe new life into your listing.
  • Stay competitive: With more homes available, it’s essential to ensure your property stands out with a price that attracts buyers.
  • Ready to sell?: If you’re eager to sell before the year ends, a thoughtful price reduction could help you snag those last-minute buyers looking to settle before 2025.
  • Local trends matter: Keep an eye on how prices are behaving in your area, as local market conditions can vary quite a bit.
  • Future predictions: While we’re seeing growth now, some experts are predicting a potential slowdown. Savills has even revised its forecast, now expecting property values to end the year 2.5% higher.

Wrapping Up

As we embrace autumn, it’s a great time to reflect on your home’s price and the current market dynamics. While this season usually sees a slowdown, the market is full of surprises this year. A well-timed price adjustment could be just what you need to attract the right buyer.

If you’re feeling unsure, please don’t hesitate to reach out to your local By Design team who can provide insights tailored to your home. After all, we’re here to help you navigate this journey with confidence.