Damien's View, Sailing Forward: A positive end to the year as we navigate into 2024.
As we berth at the end of another dynamic year in the property market, I find myself reflecting on the journey we've traversed and the vistas that lie ahead. Thirty years at the helm of estate agency Cooke & CO has not only honed my expertise but also ingrained in me an unshakeable confidence in the resilience of the South East property market.
The recent figures for the South East speak to a narrative of robust determination and savvy negotiation. Below is a snapshot of the market as we prepare to hoist our sails for 2024:
| Metric | Current Week | YTD Weekly Average | Change (Numeric) | Change (%) |
|---|---|---|---|---|
| South East New Instructions | 2,710 | 5,130 | -2,420 | -47.17% |
| Average Listing Price | £460,898 | £522,179 | -£61,281 | -11.74% |
| South East Price Changes | 1,696 | 3,754 | -2,058 | -54.82% |
| Average Asking Price Change | £386,941 | £454,016 | -£67,075 | -14.77% |
| South East Sale Agreed's (SSTC) | 2,485 | 3,339 | -854 | -25.58% |
| Average Asking Price of Sales Agreed | £438,094 | £469,439 | -£31,345 | -6.68% |
| South East Sales Fallen Through | 674 | 915 | -241 | -26.34% |
| South East % Sales that fell through | 27.12% | 27.98% | -0.86% | |
| South East % Difference Listing & Sale Price | 5.21% | 11.18% | -5.97% |
With new instructions sitting at 2,710, there's a dip from the year-to-date average of 5,130, suggesting a traditional seasonal slowing. Yet, this is not a sign to drop anchor; rather, it's an opportunity to prepare for the brisker winds of the new year market.
Our average listing price stands at £460,898, showing a modest adjustment from the year's average. This recalibration isn't a storm warning but a natural tide, with properties correctly valued and marketed continuing to capture the interest of earnest buyers, as evidenced by the 2,485 sales agreed.
As we compare this to Thanet's spirited market, the tempo is matched. Despite a time of year that usually witnesses a deceleration, properties that are well-presented and appropriately priced are changing hands with commendable speed.
Price changes have been noted at 1,696, with the average asking price change at £386,941. This reflects a market that's judiciously responsive and not averse to adjustment to meet the currents of supply and demand.
Even as some sales have fallen through, a common occurrence in any market, it's the percentage of sales that see the transaction through to completion that counts. At 27.12%, the figure is nearly at par with the annual average, underscoring a consistent and strong sales environment.
Importantly, the percentage difference between listing and sale prices is at 5.21%, against a yearly average of 11.18%. This closer alignment is a positive indicator of market stability and buyer-seller agreement.
Conclusion
Drawing from three decades of experience, I can attest that the South East market is poised with a strong keel. The coming year is bright on the horizon, and as always, the early months promise a renewed zest for property ventures. Homes that are rightly priced are not just listing but selling, a testament to a market that, even in quieter times, maintains a steady pace.
So as we chart our course into 2024, let's take heart in the solid performance of the South East market. It's this enduring strength that will see us sail through seasonal shifts and continue to thrive in the vibrant waters of estate agency.
Here's to navigating the opportunities of 2024 with foresight and enthusiasm. The market is ready, and so are we at Cooke & Co.
Damien Cooke
Your steadfast guide in the voyage of property excellence.
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About Cooke & Co
Cooke & Co, a liked and respected estate agency trading since 1992, is conveniently situated in the picturesque seaside district of Thanet. We proudly operate from our local offices in the region's primary towns, namely Margate, Broadstairs, and Ramsgate. Additionally, our extensive reach encompasses the charming areas of Westbrook, Westgate, Birchington, Monkton, Manston, and Minster. Our presence in these diverse locales enables us to offer an enriched understanding and comprehensive service to the property market in these prime coastal towns and villages.
Contact our offices at the following numbers:
- Margate Office/Area: (01843) 231833
- Ramsgate Office/Area: (01843) 851322
- Broadstairs Office/Area: (01843) 600911
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