Thanet House Sales Up 21.6% on 2023 – Yet Challenges Still Remain

The number of agreed UK property sales until Saturday, 22nd November 2024, is 18% higher than a year ago. 📊

Breaking those stats down even further, as of 22nd November 2024, 1,009,340 UK homes had been sold subject to contract (STC), an 18% increase from the 855,083 homes sold STC in the same period of 2023. The average UK selling price has risen significantly, reaching £362,017 in 2024, compared to £326,125 in 2023 (a rise of 11%). 💷📈

However, this increase doesn't necessarily mean UK house prices have risen by 11%. Rather, more higher-valued properties have been sold in 2024 compared to 2023. The £ per square foot is a better gauge of house price changes, rising by only 2.7% over the last year—from £331 to £340. 📏🏡

Regional Breakdown of House Sales Growth

Every UK region saw an increase in properties sold (STC) in 2024 compared to 2023 during that January to November period:

• East Anglia: Up 22.2% (highest growth in the UK) 🌳
• East Midlands: Up 21.5%
• South East: Up 19.6%
• North West: Up 18.5%
• London: Up 18.3% 🏙️
• West Midlands: Up 18.2%
• Yorkshire & Humber: Up 17.6%
• North East: Up 15.7%
• South West: Up 15.6%
• Wales: Up 14.6% 🐉
• Scotland: Up 12.9%
• Northern Ireland: Up 12%

Buyers Have the Advantage, but Challenges Remain

The current market presents opportunities for Thanet home buyers but also lingering challenges. While mortgage rates are improving, they remain higher than many prefer. However, affordability is reasonable, with some banks and building societies offering rates below 4% for those with larger deposits. 💰🏦

Today, buyers have more choice, and in some parts of Thanet, properties are spending longer on the market, providing buyers with more time to weigh their options and negotiate favourable terms. That said, competition still exists for highly desirable properties, especially those in prime locations or with unique features. 🌟🏘️

Securing a mortgage agreement in principle is vital for Thanet buyers. It not only streamlines the buying process but also enhances buyers' standing in a competitive scenario, signalling seriousness and capability to sellers. 📑✅

Thanet Sellers Must Focus on Pricing and Presentation

For sellers, realism is key in this market. As of 22nd November 2024, 2,567 Thanet homes were sold STC, marking a 21.6% increase from the 2,111 homes sold in the same period of 2023. However, the average selling price for Thanet homes has decreased slightly, falling to £327,937 in 2024 from £338,830 in 2023—a drop of 3.2%. 📉🏠

The average £ per square foot for Thanet properties sold STC has been £332 in 2024, compared to £344 in 2023. In 2023, 33.25% of Thanet homes that came to the market were sold, with that figure increasing to 36.44% in 2024. Despite this improvement, the fact that only around one in three homes are selling emphasises the importance of careful pricing strategies. 🏷️🤔

Exceptional marketing also plays a crucial role in achieving success in today’s market. Virtual or video tours, high-quality photography, and targeted social media campaigns are essential tools for maximising buyer interest and achieving a strong sale price. 📸🎥

The Local Perspective: Thanet’s Unique Market Dynamics

Thanet's property market is experiencing a mix of activity across different postcode areas. In some locations, homes are selling quickly, while in others, buyers have more room to negotiate, whether on price, fixtures, or even completion dates. 📍

This means flexibility is a key asset for buyers. Expanding search criteria or considering properties outside the initial ideal radius can reveal opportunities that others may have overlooked. Sellers should also consider these local variations when setting prices and developing marketing strategies. 💡

A Balanced Perspective: The Seller-Buyer Dynamic

It's important to remember that over four out of five sellers are also buyers. Often, a perceived loss on one side of the transaction can be recouped on the other. For instance, a slightly lower sale price on your current property could open the door to negotiating a better deal on your next purchase. 🤝🏠

External Factors Shaping the Thanet Market

Like all markets, Thanet's property landscape is influenced by both national and global trends. The good news is that Thanet has shown resilience in the past and is likely to continue doing so. 🌍🔄

Stabilising mortgage rates and a steady economy provide hope for an active market heading into 2025. While challenges remain, there are also opportunities for those who understand and are prepared for the dynamics at play. 📈🌟

Final Thoughts

As we look towards 2025, success in Thanet’s property market will require an understanding of the current conditions and the flexibility to adapt. For buyers, this means getting your finances in order and being ready to act quickly when the right property comes along. For sellers, setting a realistic asking price and presenting your property in the best light will be key. 🏡✨

The journey requires a thoughtful approach, whether buying, selling, or just keeping an eye on the market. Both opportunities and challenges lie ahead, but with the right strategy, success is achievable. 💪🚀

What’s your perspective on Thanet’s property market? Have you noticed similar trends, or do you see things differently? We'd love to hear from you! 📣

About Cooke & Co

Cooke & Co has been providing estate agency services in Thanet since 1992, covering Margate, Broadstairs, Ramsgate, Westgate, Birchington, Minster, Monkton, and Manston. We're here to make your property dreams come true, whatever the season! 🏡✨

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.