West Berkshire Housing Market Update, what Homeowners Need to Know

The West Berkshire housing market is showing steady recovery, with buyer demand increasing as mortgage rates drop to 4.5%. House prices have risen by 1.4% in 2024 and are expected to grow further by year-end. Sellers should avoid overpricing, as properties priced too high take longer to sell. Competitive pricing is key to attracting buyers and ensuring a quicker sale. We provideexpert support to help homeowners navigate these market changes and make informed decisions.

Aggie Niyonsenga

9/5/20242 min read

brown and white concrete house under cloudy sky during daytime

West Berkshire Housing Market Update: What Homeowners Need to Know

The UK housing market is showing encouraging signs of steady recovery, according to the latest figures from leading property portal Zoopla. This is positive news for West Berkshire homeowners and those considering a move in the area.

Understanding the Zoopla House Price Index

The Zoopla House Price Index is a crucial tool for tracking changes in residential property values. It is one of several key indicators, alongside data from Rightmove, the Land Registry, and major mortgage providers, which helps homeowners understand current market trends. For West Berkshire sellers, staying informed with these insights is essential for making sound decisions.

Here are some of the latest headline figures:

Buyer demand is rising as mortgage rates continue to fall.
Mortgage rates for 5-year fixed-rate deals have fallen to 4.5%, and the number of homes for sale has reached a seven-year high.
UK house prices have increased by 1.4% so far this year and are expected to rise by 2.5% by the end of 2024.
Buyer demand is up 20% since July 2023, and the number of sales agreed has increased by 25%.

Avoid Overpricing: The Key to a Quick Sale

While the market is stabilising, sellers must be cautious when it comes to pricing their property. Overpricing can significantly delay a sale. According to Zoopla’s research, properties that require a price reduction of 5% or more tend to take much longer to sell than those priced accurately from the outset.

In a competitive market like West Berkshire, getting the price right from day one can make all the difference. A realistic price attracts more interest and ensures a quicker sale.

Mortgage Rates and Buyer Affordability

Mortgage rates continue to play a significant role in buyer decisions. A recent positive development has been the Bank of England’s 0.5% base rate cut. Future interest rate announcements, will continue to influence buyer affordability.

For homeowners looking to sell, this highlights the importance of pricing competitively to match what buyers can afford. Not only does this increase your chances of a quick sale, but it also helps your property stand out in a busy market.

Market Outlook for 2024

Zoopla’s latest report suggests the housing market will remain balanced as we move into 2024, with moderate price growth and steady demand. While buyer confidence is improving, affordability remains a key issue, with buyers seeking value for money.

How Emmett Bloom Can Help

We work closely with West Berkshire homeowners to navigate the constantly shifting property market. We ensure our clients understand the importance of market trends and pricing properties realistically to achieve the best outcomes.

If you’re thinking about selling or buying a home this autumn, get in touch with us. n 075029 13500 or email team@emmettbloom.co.uk to book a free consultation.We’re here to answer your questions and help you through every step of the process.

Sources: Zoopla House Price Index – 28th August 2024.