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Welcome to the December 2023 market report from LL Estates. As we come to the end of 2023 the property year might not have been quite as crazy as during the pandemic, but it's certainly had its own twists and turns!

Locally things have reflected the bigger national picture in many ways and in others they have significantly bucked the trends.

As experts in our wide area covering much of North Wales, we're here to tell you what's really been going on in property this year and how 2024 might look for you if you're thinking of selling or buying a home.

Interest Rates

Probably the biggest story of the year when it comes to property is how the increases in the Bank of England base interest rate have made significant impacts.

Starting the year at 4%, steady increases saw the rate hit a 15 year peak of 5.25% in August after 14 back-to-back rises. As the base rate has a big influence on mortgage rates, this has been a big concern for both buyers and sellers with most purchases needing a mortgage lender's involvement.

However, it's been a mixed bag as in fact last month average two-year fixed rate deals were under 6% for the first time since June. Both two and five-year fixed rates have fallen to be lower than at the same time last year.

So although the Bank of England is suggesting that rates won't be falling anytime soon, even though inflation figures are going down, the mortgage market has been improving, helping buyers afford new homes.

House prices

At the start of the year many commentators were predicting a property market crash based on the idea that house prices would be falling by significant margins.

Although across much of the UK average asking prices have fallen by a relatively small margin,

Rightmove's data points out that yearly price declines in the Midlands and all Southern regions are at odds to what’s happening here in north Wales, Scotland and the North of England, where small year on year price increases are actually the case for properties new to the market!

Even so, pricing competitively to attract buyers is always key to achieving a sale in a competitive market and that's definitely true right now. The only way to really get a good idea of what this means for you in your own area is by talking to an established, knowledgeable local estate agent.

The Boxing Day Bounce

Something that has become increasingly important over the last few years has been the way that online property viewings see a huge increase on Boxing Day.

Having been called the 'Boxing Day Bounce' by Rightmove, the company has reported on the dramatic surge in figures it has seen over the past few years.

Boxing Day 2021 visits to the site were 54% higher than the previous year and last year there was another jump of 46% on the day. All in all, the period between Boxing Day and the start of the working week of the New Year saw more than 51 million visits to properties listed for sale on Rightmove alone.

This is really important for anyone thinking of selling in the New Year because if you get everything in place now you can take advantage of this huge increase in buyer activity. On the other hand, if you wait until after Christmas to talk to an estate agent you'll miss out.

So if you live in Denbighshire, Conwy, Flintshire and anywhere else in the region and you want to sell your home early next year talk to us now! There's still time to get a marketing package that is second to none - call 01745 591811 or email rhuddlan@llestates.co.uk.