As the nights draw in and Penarth’s tree-lined streets begin to turn an array of amber and red, autumn offers buyers a final opportunity to be in their new homes just in time for Christmas.

2024 has seen the UK housing market defy the expectations that many of us had at the start of the year. Despite the fluctuating interest rates and a general election, house prices in the UK are rising at their fastest pace since November 2022. According to Halifax, property values have increased for the third month in a row in September 2024 meaning the average UK house prices stands at £293,399, just short of the all-time high of £293,507 recorded in June 2022 (Zoopla).

In addition to the welcome news of interest rates falling, we have seen the lowest average mortgage rates since May 2023 with the average mortgage rate for a new 5-year 75% LTV loan at 4.3%, compared to 5.5% a year ago (Zoopla).

The certainty of a new government followed by the first bank rate cut in four years has seen a better-than-expected summer market. We expect this to continue into the autumn months, but it is important for sellers not to be over-optimistic and to price competitively to sell. Choose buyers continue to browse the increased number of homes for sale to ensure they find the right house at the right price!

We understand that buying and selling a property can be daunting process. With over 160 years’ experience, our ethos is built on traditional values with a modern, pro-active approach. So, if you’re looking to buy or sell, we are here to help!

Wishing you a merry Christmas and a happy new year from Watts & Morgan

To find out more, call 029 2071 2266, email penarth@wattsandmorgan.co.uk or visit the website.