Rate cuts drive buyer surge, but budget slowdown looms
Buyer activity surged in August, driven by an interest rate cut and a broader trend of declining mortgage rates as the economy began to stabilise. With mortgage costs now more favourable compared to renting, many have been drawn to home ownership. However, the spike in demand was not matched by an increase in new property listings, leading to one of the busiest summer trading periods at Haslams.
Looking ahead, we are seeing a shift in behaviour from buyers and sellers. As the upcoming budget looms, buyers are approaching the market with more caution, anticipating a potential slowdown in the months to come.
A concerning trend is the pace at which sales are progressing. The time from sale agreed to exchange has slowed significantly. Leasehold transactions have dropped by 13%, and freehold transactions have seen a 6% decline compared to the previous quarter. This indicates potential challenges ahead as market dynamics continue to shift.
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Chris Cullity Head of Residential Sales |
Buyer Demand
buyers registered
viewings per property
offers per deal
increase in registered buyers YoY
sold vs asking price
(Haslams internal data Q3 2024)
Supply of Homes for Sale
properties for sale
vs last year
(Rightmove data for Reading area Q3 2024)
Haslams Buyer Profiles
cash
mortgage
first-time buyers
families
investors
(Haslams internal data Q3 2024)
Haslams Price Index
(Year-on-year Q2 2024 vs Q2 2023)
| Town Centre Apartments | -3.30% |
| Town Centre | +9.04% |
| Caversham | -2.08% |
| Woodley | +0.83% |
| Earley/Lower Earley | +0.71% |
| West Reading | +0.82% |
| Calcot/Tilehurst | -0.47% |
| Shinfield/Spencers Wood | -0.53% |
National House Prices
Year-on-year
| Halifax (Sep 24) | +4.7% |
| Nationwide (Sep 24) | +3.2% |
| Land Registry (Aug 24) | +2.2% |
| HMRC Transactions (Aug 24) | +5% |
| BoE Mortgages (Q3 2023) | +12.5% |
Latest instructions
Searles Farm Lane, RG30
£1,750,000 (OIEO)
8 bed, 5 bath house
Lakeside estate with 3.6 acres
View property >
Queens Road, RG1
£380,000
2 bed, 1 bath apartment
Excellent first home
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Download Haslams Q3 2024 Residential Sales Report as a PDF
