The latest Zoopla House Price Index reveals some intriguing developments. We’re witnessing a steady recovery in the housing market, with average UK house prices climbing by 1.4% in the seven months to July 2024. This positive momentum is expected to continue, with projections suggesting a 2.5% increase over the entire year. That’s encouraging news for you as a seller!
However, it’s crucial to note that the market landscape has shifted. We’re currently experiencing a seven-year high in housing supply, with the average estate agent listing 33 unsold homes. This abundance of choice for buyers means we need to be strategic in our approach to selling your property.
You need to get things right in the property market
Here’s where it gets interesting – and why pricing your home correctly from the outset is more critical than ever.
Zoopla’s data shows that homes requiring an asking price reduction take more than twice as long to sell compared to those priced right from the start. We’re talking about 73 days on the market versus just 28 days for accurately priced homes. Moreover, properties with significant price cuts are less likely to sell at all.
What does this mean for you?
While the market is active, with sales agreed up 23% year-on-year, buyers remain price-sensitive due to higher mortgage rates. About one in five homes had their asking price reduced by 5% or more in August to attract buyer interest.
Realistic pricing makes a difference
Let’s work together to price your home realistically from day one. This approach not only increases the likelihood of a quicker sale but also maximises your chances of achieving the best possible price. At ADM Residential, we are highly experienced in the Huddersfield housing market, and we make sure you receive an accurate and honest assessment of your property.
Remember, despite some localised price adjustments, the overall trend is positive. By pricing strategically, we can capitalise on the current market dynamics and ensure your property stands out in this competitive landscape.
What does Zoopla say?
Richard Donnell, executive director at Zoopla spoke about this topic, saying: “Momentum in the sales market continues to build as mortgage rates drift lower and more and more sellers gain the confidence to list their home for sale. Buyers have much greater choice which will support sales numbers, but this will keep prices rises in check. Buyers have less purchasing power than 2-3 years ago and remain price sensitive meaning sellers can’t afford to get ahead of themselves on where to set the right price for their home. If you need to cut the asking price by 5% or more then your home will take twice as long to sell or may not sell at all”.
Contact ADM Residential to sell your Huddersfield home in 2024
Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.
This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market.
