Buyer Demand Rising in Billinge & Orrell: October 2024 Market Update
The housing market in Billinge and Orrell has seen some interesting shifts recently, reflecting both local dynamics and broader national trends. Let’s dive into the latest updates for these two areas and look at how they align with what’s happening on a national scale.
Billinge: A Market in Transition
In Billinge, the property market has experienced notable fluctuations:
- New Listings: Out of the 20 new homes that came to the market, 6 have already sold, indicating that there is still buyer demand, albeit more cautious than in previous years.
- Price Reductions: Of the 15 homes that saw price reductions, only 1 has sold, suggesting that lower pricing alone might not be enough to stimulate quick sales.
When it comes to local house prices in Billinge, there’s a mixed story. Overall prices are down by 7% compared to this time last year, but they are still 8% higher than the 2021 peak, reflecting the sustained demand from a couple of years ago.
Orrell: Softer Decline but Strong Buyer Interest
In nearby Orrell, the market dynamics show a slightly different pattern:
- New Listings: Out of the 20 new properties on the market, 4 have sold, a slower pace compared to Billinge.
- Price Reductions: Of the 18 homes that reduced their prices, 3 have sold, reflecting some resilience in buyer interest when properties are priced more competitively.
House prices in Orrell are down by 4% compared to this time last year. However, like Billinge, they are still up by 2% from the 2021 peak, suggesting the market has retained some value despite recent declines.
National Housing Market Insights
The national housing market is also seeing significant changes. Here are the key takeaways:
- Mortgage Rates: The average 5-year fixed mortgage rate is now at 4.67%. While this is an improvement from the peak of 6.11% in July 2023, it is still nearly double the rate of 2.34% from three years ago. Higher mortgage rates continue to influence buyer affordability and decisions.
- Increased Buyer Activity: Encouragingly, the number of sales agreed between buyers and sellers has surged by 27% compared to this time last year. Furthermore, the number of potential buyers contacting agents has risen by 15%, indicating renewed interest in the market despite ongoing financial challenges.
- Bank of England Base Rate: After a slight dip in August to 5%, the Bank of England maintained its base rate at 5% in September. This stabilization seems to be boosting confidence in the market. For the third consecutive month, house prices have shown an increase, suggesting that the market could be on a slow path to recovery.
Conclusion
The property markets in Billinge and Orrell are mirroring the national landscape in many ways. While both areas have seen price reductions and slower sales in some cases, there are clear signs of renewed buyer interest. There are also signs that house prices haven’t quite adjusted enough to attract the interest of buyers, with houses taking longer to sell and many requiring reductions to get the sale over the line. Nationally, lower mortgage rates and a more stable financial environment are helping to restore confidence. It will be interesting to see how these trends continue to play out in the coming months.
We know that we can help you sell your own not only for the best price but the right price. Unlike most other agents we have a 9-step plan to sell your home. We proactively contact buyers that are looking for a property just like yours instead of waiting for buyers to come to us.
With our plan we make sure that your property is marketed at it’s very best and is priced correctly ensuring that you not only achieve the best value for your property (as we achieve 3% more than other local agents) but also achieve it in a timely manner.
So, if you’re considering making the move and have any questions or would like to know how much your property is worth. Just give us a call on 01744 371371
