With the new year's fresh motivation comes the famous Boxing Day bump, an influx of buyers who start looking for a new home in earnest. If you're looking to make the most of this period to sell your property, here's what you need to do now.
⏰ The best time to share good news
Interest rates are easing and mortgage approval rates are higher than expected. The Bank of England is not expected to raise its benchmark interest rate any further for the foreseeable future, giving people a chance to get into the property market.
This positive message in the mortgage market is now being communicated through our newsrooms, maximizing buyer sentiment heading into the new year. 
The London market has incredible growth potential. Zoopla's November house price index said: “A steady return to office working is also supporting sales and prices, with new sales rebounding faster in London than anywhere else over the past two months.”
At Foxtons, we see an increasingly buoyant market in the fourth quarter, proving resilient as we head into the new year. Combine this new momentum in the sales market with news of lower mortgage rates, and sellers have reason to be enthusiastic about the 2024 New Year rush.
Buyers are looking for homes that stand out
As we discussed in our last New Year's article, “How to Make Your Home Stand Out in a Busy Market,” with so much competition, it's important to make your home memorable to buyers. A brief summary is below.
Buyers want great value
Let's dig into the last point, how to price properly in this market, as it is the most important. James Stevenson, South & South West Regional Director, advises: So while sellers have a chance to make big sales in this market, they also need to set prices that motivate buyers to take notice and act. ”
“There is a near-even balance between buyers and sellers in terms of who has negotiating power. This is the best market we have ever seen that suits all parties. Maybe.”
~ James Stevenson, Foxtons Area Director – South & South West
Rightmove's 2024 forecast confirms that buyers will have far more home options “compared to when the pandemic was depleting inventory,” but inventory levels are barely above pre-pandemic levels. He continues to say that he has surpassed it.
James added: If you are looking to sell and trade up or down at the same time, this market selection presents a great opportunity to buy. Overall, there is a fairly even balance between buyers and sellers in terms of who has negotiating power. This may be the best market we've seen that suits all parties. ”
Our valuers have insight into buyer trends across our London network through their own extensive experience in local communities, as well as from Foxtons' own database, one of the largest in London property. Using data, we are extremely knowledgeable about the current real estate market. Schedule an appraisal and we'll help you find the best pricing strategy for your property.
Learn more here: Seller's Guide to Right Price Your Real Estate
Buyer is considering downsizing
Homeowners who have paid off their mortgages need a buying agent in the new year, whether they're downsizing to save time and money on a home that no longer fits their needs or making room to expand their lifestyle. have. You can also build new homes nearby in the city or play Mom and Dad Bank to support first-time buyers.
This audience will likely prefer a one- or two-bed home in a peaceful, friendly area like Richmond, or an upscale, centralized community like Kensington, but are looking for something different across London. If you need help contacting them, please contact us. .
Read more: Downsizers drive demand for new homes in London
Buyers want energy savings
In the past, eco-friendly features were “nice-to-haves” but not very high on buyers' priorities. Currently, the impact of energy prices and the proliferation of smart meters have put a spotlight on the reality of energy waste, and homes with eco-friendly features are receiving even more attention. Energy efficient appliances, newer and more efficient boilers and heat pumps, double glazing and solar panels are likely to attract buyers' attention. This does not mean that you will get a better asking price if you do extensive, complete renovations before selling your property. We recommend that you make an appointment for an assessment first.
Read more: 7 ways to strengthen your facility's green credentials
Buyer is looking for work-from-home space
While the number of people returning to the office is steadily increasing, hybrid working is here to stay, and we're seeing an increased demand for work-from-home spaces. Buyers are interested in additional space, whether it's an extra box room, a larger-than-average reception with a corner for a desk, or a holiday home in the garden.
Buyers are looking for DIY projects
January is the season for renovations. However, if you are thinking of selling your home, we recommend that you DIY carefully. Especially this time of year, there's a great market for buyers looking for a home that they can make a few tweaks to fit their vision and lifestyle. So predicting whether the work you're doing will achieve the higher asking price you're seeking, or whether the right buyer for your property would prefer a different price, is even more difficult than usual. It's difficult.
“If you're going to live in this house, do whatever makes you happy in it. But if you're looking to extend or invest money to sell, you need to get some insight into the local market first. ” James explains: “Research what's selling in your local market and be careful not to over-develop or over-specify for your target market. Owning the largest property in an area that doesn't support prices can be costly. However, it does not necessarily mean that you will get the best returns.”
Again, we encourage you to schedule your assessment now. We invest in local expertise to help you create the right plan for your property and local market. In some cases, a little work before you put it on the market can remove hurdles to selling, and in other cases, it's best to just move on and get a buyer's attention at the right time. It may be. We can provide that insight to inform your strategy.
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