Our March Property Market Report

Welcome to the latest market report from LL Estates.

The Met Office thinks that Spring begins on March 1st, more traditionally others believe it starts on the 21st with the solstice. Whichever side you're on, there's no denying that the evenings have started to get lighter and with any luck we might actually start seeing some sunshine soon too!

The property market follows the seasons in many ways and Spring always sees an uptick in activity as people shake off the winter months and start looking forward. With the year having had such a positive start for those both looking to buy or sell a home, the good news is that the momentum seems to show no sign of slowing down.

Latest data

Rightmove's latest research has revealed that average new seller asking prices rose by 0.9% last month and, after 6 months of annual price falls, prices across Wales are now up by 1.7% year on year.

The number of sales agreed is continuing to outstrip last year too, being 16% higher in the first six weeks of 2024 than during the same period last year. Perhaps more importantly, they are 3% higher than they were in the 'normal' pre-Covid market of 2019.

With more listings for sale (7%) and an equal increase in the number of buyer enquiries, Rightmove's industry benchmark data shows that the strong start to the year is gaining even more momentum.

Moving forward

The impact of Chancellor Jeremy Hunt's budget on Wednesday 6 March is something that could be a large factor in determining just how the property market moves forward over the coming months.

If, as many expect, there is some help for first time buyers then there is bound to be a further positive push towards more activity. With mortgage rates having fallen considerably from a peak last summer and now remaining stable, it's already much easier for buyers to plan ahead and be confident on what they can afford.

Even so, right now it seems that there is a 'two speed' market as properties that are priced properly are selling, while others languish on the market while becoming increasingly hard to shift. Sellers who get the price right straight away are far more likely to achieve more offers and a faster sale - it's something that is always true, but at the moment it really can make all the difference.

Valuations

The only way to know how much your property is actually worth is to get a valuation from a local estate agent who really knows what's going on in their area.

We offer several different levels of valuations that you can choose from - find out more details here: https://llestates.co.uk/property-valuation

Covering a wide area across North Wales including Denbighshire, Coney and Flintshire, we specialise in finding the right match between buyer and seller - and then we make sure everything goes smoothly right through to moving day!

Call 01745 591811 or email rhuddlan@llestates.co.uk if you'd like to find out more about how we can help you.