Unprecedented December Surge in Activity Points to Robust 2024 Property Market
The property market tends to have a seasonal slow-down in the lead-up to Christmas, however, the last few months of the year defied the norm. Here in Purbeck, there was an unexpected surge in activity in December and this has continued into the start of the New Year.
From December 1st to the 10th of January, our Wareham office saw a 12% increase in property viewings compared with the same period last year. We also saw a staggering 157% surge in property valuations. Following the difficulties of last year, this heightened interest and enthusiasm points to a more promising property market in 2024.
We launched several properties on Boxing Day, with one home attracting an impressive 13 viewings and six subsequent offers within a week of being on the market. Similarly, a property listed on our exclusive Whisper List was sold (stc) in the ‘betwixmas’ period and is now progressing swiftly, despite not being listed on the open market. The Whisper List’s discreet approach seems to be resonating with buyers and sellers and is growing in popularity.
Sellers are now placing greater importance on a prospective buyer’s position, especially their willingness to be patient whilst their own onward purchase is secured. Also, in contrast to last year, the market now exhibits a more measured pace, with buyers and sellers allowing negotiations to unfold at a less urgent pace.
All-in-all, we feel very positive about the year ahead. In particular, the first half of the year. The prospect of an election and resulting uncertainty may cause things to slow down towards the end of this year, but for now, it is a great time for both buyers and sellers to capitalise on an active property market.