Darwen & UK Property Market Overview

Darwen & UK Property Market Overview

As an property agent working in Darwen, I imagine it’s essential to offer a complete and reasonable perspective on the native and nationwide property markets. This strategy goals to dispel the misconceptions typically perpetuated by the media. Regardless of frequent experiences predicting a housing market crash since September 2022, the precise information reveals that the British and Darwen property markets are holding regular.

Nationwide Properties for Sale

To know the well being of the market, we should always first study the inflow of latest properties (listings) getting into the market. Within the second quarter of 2024 (April, Might & June), 450,486 properties have been listed on the market throughout the UK. This determine is larger in comparison with the 411,927 properties listed in Q2 2023 and the seven-year Q2 common (2017-2023) of 399,581 new properties.

The common value of a UK property coming onto the market in Q2 2024 was £454,223 in comparison with £438,551 in Q2 2023.

The variety of new listings is a important indicator of market well being. Throughout the 2008 monetary disaster, the variety of properties getting into the market in Q1 doubled in comparison with the earlier yr of 2007, resulting in an oversupply and subsequent value drops. Due to this fact, monitoring this metric helps gauge market stability.

A easy technique to evaluate market tendencies entails utilizing Zoopla or Rightmove. By monitoring the variety of properties on the market and people offered topic to contract (SSTC) weekly, you possibly can calculate the ratio of offered to accessible properties. An growing ratio signifies a strengthening market, whereas a declining ratio suggests a slowdown (though don’t overlook there’s a seasonal issue to this). For a extra detailed evaluation, you possibly can break this information down by property sort and value vary.

Nationwide Gross sales and Worth Bands

In Q2 2024, 308,969 properties have been offered stc within the UK. That is a lot larger than the 269,989 properties offered STC in Q2 2023 and above the seven-year Q2 common of 299,324.

The common value of a UK property offered stc in Q2 2024 was £369,373 in comparison with £367,030 in Q2 2023.

Inspecting listings and gross sales by value band gives additional insights. In Q2 2024:

• 33.9% of latest listings have been priced as much as £250,000, but this phase accounted for 40.4% of gross sales.
• 40.3% of latest listings have been within the £250,000 to £500,000 vary, and 40.3% of gross sales have been additionally on this value vary.
• 13.8% of listings have been priced between £500,000 and £750,000, but solely 11.6% of gross sales occurred on this band.
• 5.7% of listings have been priced between £750,000 and £1m, but solely 4.2% of gross sales occurred on this band.
• 6.2% of listings have been priced £1m +, but solely 3.6% of dwelling gross sales occurred on this band.

This information highlights a stronger efficiency in lower-priced properties, suggesting that affordability is driving the market.

Market Dynamics and Pricing Methods

Pricing realistically from the outset is crucial within the present market. In Q2 2024, there have been 225,745 value reductions on the 673,973 properties in the marketplace, indicating a necessity for preliminary reasonable pricing to keep away from subsequent value cuts, which might deter potential consumers. Additionally, it’s attention-grabbing that the common variety of properties on the market in Q2 in 2023 was solely 605,667, a 11.3% development in houses on the market.

General, regardless of the continued larger mortgage charges and financial uncertainties, the Darwen market when it comes to home gross sales has now surpassed the pre-pandemic exercise ranges, but sellers ought to nonetheless purpose to cost their properties competitively to draw consumers the place there are extra houses on the market.

Darwen Property Market Specifics

Domestically, in Darwen (masking BB3 postcode), 343 properties have been listed in Q2 2024 with a mean asking value of £215,258. The £50,000 to £100,000 value vary noticed the best variety of new listings, with 80 properties.

Gross sales in Darwen throughout the identical interval totalled 256 properties, with a mean sale value of £159,368. Essentially the most energetic value vary for gross sales was the £100,000 to £150,000 bracket, with 77 dwelling gross sales agreed.

First-time purchaser properties are main the restoration in Darwen, mirroring the nationwide development the place lower-priced houses are extra common.

Conclusion

Finally, selections about shifting dwelling must be primarily based on private circumstances moderately than market situations alone. In case you are considering promoting or shopping for in Darwen, we can be found for a no-obligation chat to offer trustworthy recommendation tailor-made to your state of affairs.

Be at liberty to share your ideas within the feedback, and let’s focus on how greatest to navigate the Darwen market in 2024.

You probably have any questions or want additional insights, don’t hesitate to achieve out.

Go to the Darwen Property Weblog.