MARKET TRENDS

Autumn Property Market Report October 2024

Autumn is now firmly with us and that usually means an upswing in the property market after a summer slowdown. 2024 has so far confounded the doom and gloom predictions at the start of the year, in fact we've seen a very strong market both locally and nationally. 

The latest industry benchmark data from Rightmove shows the positive momentum is continuing and if anything it is actually picking up even more speed. 

The traditionally busier autumn market has started early this year as last month saw good news in almost every corner of the property market.

Asking prices up

September saw average new seller asking prices rise by 0.8%, according to Rightmove. We usually expect a monthly rise in prices after the summer but this year it's double the long-term average, which is a clear indicator of where things are headed in the run up to Christmas.

Sales agreed are up by 27% year on year too, which means prices holding up are not putting off buyers. In fact more positive news for future sales is that the number of potential buyers contacting agents was up by 15% compared with September last year.

More choice

With all this good news for sellers there are also positive takeaways for buyers too. New sellers coming to market are up by 14% on this time last year, with the result that the average number of homes for sale per estate agent is at its highest level for ten years.

When there's more choice it does mean buyers can take their time and currently the average time for a seller to find a buyer is 60 days. Of course, if a property is priced keenly and a buyer wants to make sure they have the best chance of securing their dream home things can move a lot faster too.

Greater affordability

Although the recent first rate cut by the Bank of England definitely had a positive effect, the average 5-year fixed mortgage rate still stands at 4.67%. This is far lower than the peak of 6.11% in July 2023 but it's worth baring in mind that it's almost double the 2.34% rate that you could find this time three years ago.

However, with most commentators forecasting further BoE rate cuts sooner rather than later, mortgage rates are heading downwards and are likely to continue to do so over the coming year.

Another major factor that will benefit the property market is that earnings are now rising faster than both inflation and house price growth, combining to offer greater affordability for many buyers.

The last quarter

So now that we are in the last quarter of what has been a very busy year we wait to see if the new Chancellor's Autumn Statement on October 30th will have any announcements that affect the market in any significant way.

In Brighton and Hove we're seeing a reflection of the national figures and trends, although things here are always skewed a little by the fact that the local market is always busy.

Quite simply, people want to live here and it's what's happening at a local level that affects you if you want to sell or buy a home.

We continue to work across the whole of the city as we have done for a quarter of a century, while our office in Lewes Road maintains its status as the busiest and most successful in the immediate area.

So if you're interested in selling or buying a Brighton or Hove home talk to us - we are this city's experts!

Call 01273 677 001, email [email protected] or pop into our central office on Lewes Road to have a chat in person.

Testimonials

  • Very comprehensive and professional. Nice people to work with and highly recommended. 

    Mr Alderton Ladysmith Road

  • Thank you Maslens, you were all excellent!

    Miss Jasper Taunton Road

  • Superb service as usual, I would always recommend you.

    Ms S Hike Blackthorn Close

  • Sharon and her team could not have done more in what was a difficult sale. 

    Ms Daly Woodingdean

  • Excellent customer service throughout. I will definitely recommend you, and use you again. Thank you.

    Ms Longley Kingsbury Street

  • A very committed team who made the sale process very easy.

    Ms Rees Ticehurst Road

  • Paul Wilkinson was extremely helpful and efficient. The only problem was the vendors solicitor and Paul warned me of this. A good transaction all r...

    Mr Lavender Fiveways

  • Exceptional service throughout the process - should we decide to sell in the future we wouldn't hesitate to use your agency. You're a cut above the...

    Ms Windels & Mr Barham Fiveways

  • An efficient, professional and friendly service. Helpful and a pleasure to do business with.

    Mr Beddington Brading Road

  • Thanks for an excellent service. 

    Mr King Hove

  • We cannot recommend Maslen's estate agents enough.

    Many thanks to Paul, Donna, Janette and the...

    Linda & Les Wigmore Close

  • All the staff I dealt with were excellent. Sharon worked really hard to complete the sale.

    Mrs Bent Falmer Gardens

  • Very impressed with the service. Sharon Wareham works tirelessly, very professionally and is always there for advice. 

    Miss Matthews Kipling Avenue

  • Excellent service as always

    Mr Field Ringmer Road

  • Good team. Straightforward. No nonsense.

    Mr Standing Newmarket Road

  • I would recommend Maslen to anyone. 

    Mrs Tripp Woodingdean

  • The whole team were very committed from start to finish.

    Mr Pilgrim Lewes Road

  • First class service. Friendly and professional.

    Mr Thorne The Avenue

  • Excellent Service from start to finish.

    Mr T Mole Cromwell Road

  • In February 2016 I was looking to buy and sell very rapidly. Competition among buyers at the time was very high. Sharon @ the Woodingdean branch sh...

    Ms Helen Lyons Woodingdean

  • Paul was absolutely brilliant. 

    Mrs Tasker Fiveways

  • We were delighted with the service received from all the staff with whom we had contact,

    Dr Crichton The Ridgway

  • Very thorough & very informative.

    Mr Michnowicz Waldegrave Road

  • Graham Griffin provided us, and continues to provide us, will all-round excellent advice. We trust his knowledge and expertise.

    Mr Blackmore & Ms O'Sullivan Financial Services

  • Please thank Paula at Lewes Road - Excellent service. 

    Mr & Mrs Nuthall Lewes Road

  • It was a long, drawn out process that the people at Maslen helped me through, without the impression that it was a chore. So extremely professional...

    Mr McLagan Lewes Road

  • Thank you. We found all the staff knowledgeable and really pleasant to deal with. 

    Ms Ansloos Lewes Road

  • It was an amazing experience, everyone involved were fantastic. 

    Mr & Mrs Knight Woodingdean

  • Paula's role was brilliant. Having someone office based and available was so appreciated and her promptness an impressive service - every Estate Agent...

    Ms Wynn-Jones Baxter Street

  • A good team at Woodingdean helped us through a stressful time.

    Mr & Mrs Penton Sycamore Close

  • Already recommended you! Thank you.

    Mr Edwards The Ridgway

  • Cannot express our appreciation enough of all the efforts made by the Woodingdean team - they were fantastic.

    Mr John Mogridge Woodingdean

  • You were amazingly helpful throughout - a real pillar of strength with a very difficult sale.

    Mrs Parkin Fiveways

  • I wish we had used you to sell our property! Nice to meet honest people, who are genuinely interested in helping. Very pleased.

    Mrs Porter Taunton Road

  • Fantastic service. By far the best agents we have ever used, I cannot recommend you highly enough.

    Mr Field Mafeking Road

  • Hugely impressed with Ben & his team.

    Mrs Mead Upper Lewes Road

  • Best Agents in Brighton.

    Mrs Field Tarner Road

  • Very impressed with all dealings with Maslen. Paula Carter was in particular very knowledgeable and helpful. 

    Mr McBlane Hove

  • Very pleased with the service. Many thanks to Sharon and the boys!

    Mr Flynn Woodingdean

  • A really good experience.

    Mr Tibble Lewes Road

  • We were very pleased with services provided by the Fiveways office.

    Mr & Mrs Sawyer Shaftesbury Road

  • Very good service and communication. Paula was excellent.

    Mr & Mrs Scarboro 1 Pevensey Road

  • As always, an excellent service. 

    Mr & Mrs Field Lewes Road

  • Harvey was helpful and easily reachable at the beginning of the process and Sharon kept us informed and was always happy to help.

    Ms Murch & Ms Mapa Ticehurst Road

  • Excellent service from the Lewes Road branch. Martin Timms secured a quick sale & at a good price & Paula Carter worked really hard to secure...

    Ms Schulte Bear Road

  • Great service, always polite and friendly. Excellent contact and info all the way.

    Mr Wells Bishops Road

  • Nick and Paula are total stars! They were incredibly supportive and present throughout. Thank you!

    Miss O'Haire Hove

  • Outstanding service from Sharon. James is an asset to Maslens & Harvey was so helpful and polite.

    Ms Cianchetta Selhurst Road

  • Thanks David, all very professional.

    Mrs Flowers Foxdown Road

  • Very pleased with the excellent service throughout. Professional, friendly, efficient and no hard sell. Achieved above asking price. Thank you!

    Mr Witten Lewes Road

  • I was new to the area and viewed a lot of properties with a lot of different agents. Maslens were by far the best I came in contact with, so when i...

    Mr & Mrs Heer Lewes Road

  • Compared to your rivals, your service was excellent

    Ms McGrigor Milner Road

  • A very positive experience - I had most contact with the Fiveways office and they were so friendly and helpful.

    Ms A King Balfour Road

  • Quality advice about when and how to sell, which was spot on. Thank you.

    Miss Coleman Buller Road

  • Brilliant. Well done to Sharon and the Woodingdean team.

    Ms Curtis The Ridgway

  • Many thanks to Nick. It was an easy process thanks to you! I'm extremely satisfied with how the sale went, great job.

    Ms Mayanobe Aymer Road

  • All agents at Maslen were extremely helpful and polite from the beginning to the completion of sale. 

    Mr Johnson Fiveways

  • From start to finish the sale was dealt with in a thoroughly professional manner.  

    Mr Gibbs Lewes Road

  • We were very impressed with the Nick from start to finish. 

    Mr & Mrs Smith Lewes Road

  • The staff were very helpful, an excellent service. I would recommend you to others.

    Miss Hockly Fiveways

  • A completely painless experience from start to finish. Thank you.

    Mr Woolven & Mrs Bessant-Woolven Lewes Road

  • Very pleased with the experience. I would definitely recommend you and use you again.

    Ms D Edmonds Horton Road

  • Ben and Paula were calm and reassuring throughout a very difficult process!

    Ms Easterbrook Bear Road

  • Maslens as a whole were really friendly and professional. I have to thank and congratulate Paula Carter for being superb at her job and exceeding m...

    Ms Warren Hove

  • Service exceeded my expectations overall at all stages of the process - I wouldn't hesitate to recommend you. Thanks. 

    Ms Greene Lewes Road

  • Ben was particularly enthusiastic and helpful. Martin, Paula, Sam and Will are all hard workers.

    Ms Goodey Franklin Road

  • The Woodingdean team were very friendly and approachable.

    Mrs Palmer Pitt Gardens

  • Best Estate Agents ever experienced - professional, approachable, competent and exemplary. 

    Mr & Mrs Guest Riley Road

  • Our local office manager, Sharon Wareham was warm and friendly and kept us up to date at all times.

    Mr Hope The Brow

  • Thank you Paul and Archie, you gave an excellent service, as well as Kelly. I look forward to working with you again. 

    Mr White Fiveways

  • The sale was dealt with swiftly, professionally and successfully. Thank you Maslen!

    Mrs Lincoln Hove

  • Extremely efficient. Nick and Paula are excellent. The weekly phone calls were much appreciated. 

    Ms Gray Lewes Road

  • Very impressed with the efficient and friendly service, the staff were a pleasure to deal with. 

    Mr & Mrs Gill Lewes Road

  • Very, very happy we chose you, felt right from the start! Thank you!

    Miss Blackadder Coniston Court, Holland Road

  • Paula was fabulous and we felt really informed and supported. 

    Mr & Mrs Walker Lewes Road

  • Thank you for everything!

    Ms Tucker Willow Close

  • First class service from a first class team.

    Mr & Mrs English The Ridgway

  • All very professional, kept updated throughout. Very pleased - Would recommend. 

    Mrs Hammond Hove

  • Very happy with the service we got from you guys, everyone we dealt with was extremely friendly, professional and helpful. Thanks!

    Mr Brown Titian Road

  • Very professional service. Thank you!

    Miss New & Mr Jackson Buller Road

  • I have bought and sold 7 properties, and this was the best experience of an estate agents services I have found.

    Mrs Shepherd Hertford Road

  • The team worked very hard over a long period to ensure my sale went through - excellent service!

    Mr Patrick Gladstone Terrace

  • Sharon was excellent - kept us well informed, thank you so much!

    Ms Waters Cowley Drive

  • Paula is amazing!

    Ms Aspnall Gladstone Place

  • I found the service to be courteous, friendly and efficient.

    Mr Upton Buller Road

  • Sharon was excellent, she kept us informed at all stages and was a really calming objective influence in the process.

    Ms Frederick Channel View Road

  • Very impressive - professional and friendly, both Martin Timms and Paula Carter were excellent at keeping in contact with sensible advice based on...

    Mrs O'Connor Hove

  • Sharon, Harvey and James were all excellent - very professional. Totally opposite to what I have experienced with other agents. Maslen have restore...

    Ms Lyons Woodingdean

  • Excellent communication and advice throughout. It felt very reassuring to be in good hands.

    Mrs Brooker Buller Road

  • Sold within 2 weeks for asking price "excellent!"

    Mr Grundy Bishops Road

  • Paula was absolutely amazing!

    Mr & Mrs MacKay Lewes Road

  • The whole team were excellent, each one of them felt like family. Sharon had a lot of sorting to do at times but coped very well, a true profession...

    Mr Vernon Woodingdean

  • Very helpful and patient team.

    Mrs Shea Selborne Place

  • Sharon was amazing! She kept us up to date the whole way through the process. We cannot fault Sharon or the rest of her team. 

    Mr & Mrs Ashley Woodingdean

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