Positive Signs for the Epsom Property Market Despite Price Concerns

Tue 06 Feb 2024

In the property market in Epsom, keeping an eye on market trends is crucial for understanding what's happening. Recent data shows that in the first three weeks of January, there was a 13% increase in new sales compared to last year. This is good news and suggests that people are feeling more confident about buying and selling homes.

One reason for this increase is that mortgage rates are really low right now, below 4%. This makes it more appealing for people to buy homes. On top of that, consumer confidence is at its highest since January 2022, meaning people feel better about their finances and are more willing to make big purchases like houses.

But it's important to not get too carried away. While it's great that sales are going up, we need to remember that they're starting from a low point compared to last year. So, while things are getting better, there's still a way to go before we're back to normal.

Another thing to keep in mind is that buyers are being careful about prices. About one in five sellers are accepting offers that are more than 10% lower than the asking price. This shows that people are still being cautious with their money, even though they're feeling more confident overall.

The information comes from a report by #Dataloft and Zoopla from January 2024, along with the GfK Consumer Confidence Tracker. Understanding where the data comes from helps us trust that it's reliable and relevant to what's happening in the Epsom & Stoneleigh housing market.

To sum up, the increase in sales is a good sign that things are improving in the property market. But we need to be careful not to get ahead of ourselves and remember that there are still challenges, like price sensitivity, to consider. By staying informed and cautious, we can make the most of the opportunities that come our way in the housing market.

Get in touch to discuss this further.