In our January 2023 edition of the magazine In The Country & Town we predicted, despite the widespread media gloom about the house market at the time, that the year would end with house prices not greatly changed in our area of operation. We are pleased to say that this has proved to be the case with house prices only slightly down, impacted by buyer demand steadily improving as the year progressed. The Autumn of 2023 saw the first positive upturn in house buyer activity this year, and there was clear evidence confirming the market had stabilised as we approached the final quarter of this year.
There’s no better test of a market insight than some real life examples of property transactions during what most will agree was a challenging 2023 market place, so McCarthy Holden are taking this opportunity to provide our readers with some real life examples of property transaction which have taken place during 2023. You can see from the following that the general resilience and activity in the market was evident in all prices sectors.
Fleet - £1.750M.(sale agreed two weeks, contracts exchanged in six)
This 3,600 sq. ft. property came to the market with McCarthy Holden in the early part of 2023, but at that time the owner decided to remove the house from the market, perhaps considering it might be the wrong time to sell. However, so impressed were the vendors with our Fleet team that they came back to us to re-market the property in September of this year and after a full re-launch, we secured a cash purchaser for the property within 2 weeks, with an exchange of contracts in an impressive 6 weeks.
Odiham - £395,000 (buyer after first viewing + sale over guide)
This charming two-bedroom Grade II listed cottage in The Bury, central Odiham went on the market for a price of £395,000. Our Odiham office achieved a very quick sale on the first day of viewings and achieved over the guide price.
Blue Triangle, Fleet - £1.5M.(14 viewings, 5 offers, full price sale agreed)
Within a week of bringing this substantial six bedroom home to market in October of this year, our Fleet team had secured 14 viewings and 5 offers, resulting in the vendors accepting an asking price offer, confirming that there is still plenty of activity from excellent buyers who are looking to secure properties at the end of 2023 and going into 2024.
Using drones aerial photography and video marketing helped create significant interest.
Fleet - £465,000 (online only versus local with online)
Having had been marketed by an online only agent for 3 months without success, McCarthy Holden came on board and within 7 days had found the perfect buyer, resulting in some very happy vendors. When is comes to property marketing, a High Street premises is still a vital part of the marketing mix. .
Finchampstead - £2.250M.(Early year equestrian property sale with video marketing)
Many equestrian property owners would consider a property sale in February risky, especially because the condition of paddocks are not looking their best after a winter of use by horses. However, we encouraged the owners of this property to go to the market early because we felt the demand for country property was good and the supply / demand relationship of available property to buyers looking was more in their favour early in the year. This is because buyers start their early stage house hunting over Christmas / New Year and usually there are few country house properties on the market in the early new year. In the spring however, all the country house properties tend to come to the market around the same time when their grounds are looking their best, however, this timing to go to market improves the supply / demand relationship in favour of the buyer who has more choice by then.
This particular property example is a useful nudge to country house vendors to consider going to market early in the year. In this case McCarthy Holden achieved a tiny amount under 100 % of the £2,250,00 guide price.
Odiham, Hampshire - £900.00 p.c.m.(A sell or let decision - which way to turn)
Our Odiham office tasked with marketing a retirement property after the previous agent had failed to secure a buyer. We were working on securing the perfect buyer for this lovely home, but the age restriction on a purchase was taking time to overcome. Over to our Lettings team who stepped in and suggested joint marketing for sale and let. Within a short time, a tenant was found and they promptly moved in. Not only is the tenant extremely happy in their new home, they also plan to purchase the property much to the current owners delight.
Now that looks like a bit of serendipity as well as good agency marketing and advice!
Manley James Close, Odiham - £695,000
This beautifully presented four-bedroom property within close proximity to the high street was brought to the market in September of this year, achieving full asking Guide Price on the launch day. Further proof that with advice from a knowledgeable team and a great marketing strategy, properties are still moving quickly.
Berkshire - Offers in Excess Of £2m. guide (Many offers after marketing with video)
The success in agreeing a sale of this property in 42 acres was down to a realistic pricing strategy and high profile video marketing, which combined to get considerable buyer interest in September with many viewings and multiple offers. Each viewing took about 1.5 hours due to the need to take potential buyers on a tour of the 42 acres boundaries in a 4×4 vehicle, as well as the time needed to see the vast amount of outbuildings.
Several offers were made well in excess of the guide price and a sale to a cash buyer was agreed in October.
A Good End Of Year for 2023
As we are now in the final days of this years market, we are able to report that house buyers are still on the hunt for their ideal property, so a later year up-tick is providing opportunities for those wishing to sell their property now despite this being an uncharacteristic time of year for house sales activity. There is no doubt that December 2023 saw a respectable level of house buyers viewings, a fact that was notable especially in the top end sector which bodes well for people on the move to new beginnings in 2024.
Will Labour In Government + Interest Rates Down = Market Up-tick By December 2024?
The likelihood of a Labour Government being in power by this time next year is very high and in the past, such a change has had a positive outcome on the house market in the short to medium term. Add in the prospect of interest rates tumbling in the second half of next year, then there can be little doubt that the best in house buying opportunities for savvy buyers will be during the first six months of 2024. Our advice to house buyers is to start their property search early in the New Year and don’t delay.
Wouldn’t it be wonderful if 2024 was a year of less warfare and conflict, replaced with more kindness to each other and the environment, so we end this year in that spirit of hope and optimism and wish all our customers past and those of the future we haven’t yet met all the very best for 2024.
