Reflecting on Rightmove

REFLECTING ON RIGHTMOVE’S 2024 REPORT

As the Managing Director and co-founder of Marco Harris, a bespoke estate agency based in Southampton, I find the latest Rightmove property market report both insightful and encouraging. This comprehensive analysis offers valuable insights that are crucial for our clients and us. Whether you’re considering selling your home or just curious about the market trends, understanding these dynamics can significantly impact your decisions.

JUNE 2024 MARKET OVERVIEW

The Rightmove report reveals a stable market with the national average asking price for properties standing at £375,110, reflecting a minimal decrease of just £21 from the previous month. This stability, particularly noticeable in the less expensive and northern regions of the UK, is a promising sign for potential sellers. Interestingly, five of the six cheapest regions have reached new price records, showcasing robust growth despite broader market fluctuations​​.

IMPACT OF THE GENERAL ELECTION

The recent announcement of a general election has injected a degree of uncertainty into the market. Historically, such political events cause potential sellers, especially at the higher end of the market, to pause their plans. This trend is evident in the report, with a slight drop in the number of new top-end sellers. However, overall market activity remains stable, with sales agreements up by 6% compared to last year, indicating that buyers and sellers are largely continuing with their plans despite the political climate.

MORTGAGE RATES & AFFORDABILITY

One of the most critical factors influencing the property market is mortgage rates. The report highlights that the average 5-year fixed mortgage rate has increased to 5.04% from 4.94% in January. This rise affects affordability, particularly for first-time buyers and those looking to step up the property ladder. The anticipation of a potential Bank of England rate cut could offer some relief and is likely to be a significant factor for many prospective buyers moving forward.

REGIONAL PRICE TRENDS

Regionally, the market shows diverse trends. While the higher-priced regions like East of England and London experience slight declines, other areas continue to see growth. For instance, regions like the Northwest and Yorkshire and the Humber are performing well, reflecting broader economic and social trends. These variations underline the importance of local market knowledge and tailored advice when making property decisions ​​.

OPPORUNITIES FOR SELLERS IN SOUTHAMPTION

For those looking to sell their homes in Southampton, the current market conditions present both opportunities and challenges. The steady demand and stable prices indicate a resilient market, making it a potentially good time to list your property. At Marco Harris, we pride ourselves on providing bespoke estate agency services that cater to the unique needs of each client. Our in-depth understanding of the local market ensures that we can offer strategic advice to help you achieve the best possible outcome.

WHY CHOOSE MARCO HARRIS

Choosing the right estate agent is crucial to navigating the complexities of the property market. At Marco Harris, our bespoke approach means we tailor our services to fit your specific needs. Our extensive local knowledge, combined with the insights from reports like Rightmove’s, allows us to provide unparalleled guidance. We are committed to helping you maximize the value of your property and ensure a smooth selling process.

FAQS

What are the current trends in the Southampton property market?
The Southampton property market is currently stable, with steady demand and prices. This stability offers a good opportunity for sellers to achieve favourable outcomes.

How do political events like a general election impact the property market?
Political events often cause temporary hesitation among sellers, particularly at the higher end of the market. However, overall market activity usually remains stable as buyers and sellers continue with their plans.

What factors should I consider when selling my home?
Key factors include market conditions, mortgage rates, and regional price trends. Consulting with a knowledgeable estate agent can help you navigate these elements effectively.

How can Marco Harris help me sell my home?
Marco Harris offers bespoke estate agency services tailored to your needs. Our deep understanding of the local market and strategic approach ensures you get the best possible outcome.

What is the average asking price for properties in the UK?
As of June 2024, the national average asking price is £375,110. This reflects a minimal change from the previous month, indicating a stable market.

How do mortgage rates affect the property market?
Higher mortgage rates can impact affordability, particularly for first-time buyers. Anticipated rate cuts by the Bank of England could provide some relief and influence market dynamics.

CONCLUSION

The Rightmove June 2024 property market report provides a detailed snapshot of current trends and prospects. For potential sellers in Southampton, this data underscores the importance of strategic planning and expert guidance. At Marco Harris, we are dedicated to helping you navigate the market effectively and achieve your property goals.

ARTICLE BY: Connor / Marco Harris
Photo by Benjamin Cheng on Unsplash