Thanet October '24 Property Market: A Comprehensive Overview for Buyers and Sellers

Are you a homeowner in Thanet? Perhaps you’re planning to move/sell/buy within the next six to twelve months, or maybe you're on the lookout for your next dream home and have no timescales. Whether you're buying or selling, having a clear understanding of the current state of the property market in Thanet is vital to make informed choices.

You might be an investor in the Thanet buy-to-let sector, contemplating selling or expanding your portfolio. Or perhaps you’re a Thanet first-time buyer wondering if now is the right time to jump onto the market. Regardless of your situation, knowing whether the property market in Thanet favours buyers or sellers can significantly influence your strategy.

What Kind of Property Market Does Thanet Have Right Now?

For those familiar with my previous analyses on the Thanet property market, you’ll know that one of the best ways to determine whether it’s a buyer’s, seller’s, or balanced market is by looking at the ratio of properties marked as “Sold STC” or “Under Offer” compared to the total number of properties available for sale.

The Current Snapshot of the Thanet Property Market

Utilising the table above, these are the statistics for the Thanet property market (CT7 to CT12 combined) for every October (as the Thanet property market is cyclical – it’s important to compare the same month).

• Oct-16 - 37%
• Oct-17 - 39%
• Oct-18 - 35%
• Oct-19 - 32%
• Oct-20 - 47%
• Oct-21 - 63%
• Oct-22 - 44%
• Oct-23 - 28%
• Oct-24 - 33%

As is expected, it was a stronger market for Thanet sellers in the post-Covid years, yet things have settled down now to levels seen before the pandemic. This current percentage of 33% puts us in a balanced market.

What This Means for Thanet Sellers

If you're looking to sell your property in Thanet, the current market conditions require more patience and flexibility than 2021. The days of properties flying off the market within days or weeks are mostly behind us, meaning sellers need to prepare for longer marketing periods.

What This Means for Thanet Buyers

For buyers, particularly in sought-after parts of Thanet, the competition remains fierce. Securing a mortgage agreement in principle will give you a significant advantage in this competitive environment. Additionally, broadening your search area may help you find properties that others have overlooked, leading to better deals.

Final Thoughts

As we enter November 2024, the Thanet property market presents both opportunities and challenges for buyers and sellers. Understanding the subtle shifts in market dynamics is crucial for anyone planning a move, whether you're a seasoned investor, a first-time buyer, or looking to relocate within the area.

About Cooke & Co

Cooke & Co has been providing estate agency services in Thanet since 1992, covering Margate, Broadstairs, Ramsgate, and surrounding areas.

Contact us:

• Margate Office: (01843) 231833
• Ramsgate Office: (01843) 851322
• Broadstairs Office: (01843) 600911)

Visit our website at www.cookeandco.com or email us at enquiry@cookeandco.com.