Yearly Review: Property Market in 2024
Hello and welcome! As the year winds down and the holiday season approaches, it’s a great opportunity to look back at how the property market has fared in 2024. In this final video of the year, we’ll recap the highlights and key trends that defined the market over the past 12 months.
Reflecting on a Resilient Market Year
The property market exceeded expectations this year, showing strength in two main areas: an increase in sales volume and a return to price growth.
Sales Surge in 2024
Let’s start with sales. Data from TwentyEA reveals a notable 18% increase in sales across our region from January 1st to November 30th, 2024, compared to the same period in 2023.
- 2023 Sales (Jan–Nov): 17,415 transactions, avg. price £215,382
- 2024 Sales (Jan–Nov): 20,596 transactions, avg. price £213,295
A Boost in Average Sale Prices
Improved buyer confidence has also led to an uplift in average sale prices. On average, house prices in 2024 were approximately 7% higher than last year.
However, this increase reflects stronger performance in the mid- to upper-market segments, particularly in the £300k–£400k range, rather than universal price rises. Even so, many properties experienced some degree of growth this year.
What’s Ahead for 2025?
Although interest rates might remain higher than expected for a while, early indicators suggest a positive start to 2025 for the property market in our region.
We’ll share our market predictions for the new year in next month’s update, so don’t forget to subscribe for the latest insights.
Thank You and Happy Christmas!
As we wrap up 2024, we’d like to wish everyone a joyful festive season. Thank you for your continued support, and we look forward to seeing you in 2025!
