The Surge in Buyer Interest and Property Sales

The Surge in Buyer Interest and Property Sales

In recent months, Maalems Estate Agents has witnessed a surge in buyer interest, resulting in an uptake in properties being sold. What we've been experiencing locally mirrors the positive market trends observed nationally, signalling promising opportunities for buyers and sellers. As the demand for property continues to soar, we find ourselves needing more properties to meet the growing appetite of our clientele.

According to Rightmove, at the start of 2024, there was a surge in new buyers, with agreed sales surpassing the previous year's levels. This is further supported by an increase in mortgage approvals, reaching the highest level since October 2022. The recent announcement in the Spring Budget regarding the reduction of property gains tax is also expected to stimulate sales, particularly among landlords. While the completion of new builds in 2023 fell short of government targets, it continues contributing to housing supply and market stability.

The increase in buyer interest can be attributed to several factors, including falling mortgage rates compared to those seen throughout 2023, wage growth now outweighing inflation, rental costs making purchasing property more attractive, government incentives,  and shifting lifestyle preferences. These indicators contribute to a renewed confidence in the housing market, with many individuals seizing the opportunity to enter the property market or upgrade to a new home.

At Maalems, we've witnessed firsthand the enthusiasm among buyers looking for their dream homes. Our listings have generated significant interest, with prospective buyers actively seeking properties that meet their criteria. From first-time buyers exploring affordable options to investors looking for opportunities, the diversity of demand reflects the nature of the market. It is encouraging that this is not confined to specific market segments but is evident across various property types and price ranges.
For those considering selling their property, now is a great time to capitalise on the heightened demand and favourable market conditions.

At Maalems, we offer personalised guidance and support throughout the selling process, ensuring a seamless and successful transaction. As we continue to navigate this exciting period of growth, we remain committed to delivering unparalleled service and helping our clients achieve their property goals.