PROPERTY MARKET UPDATE-There is light at the end of the tunnel.
Continuing our updates on what’s happening in our local property market, we ask our Sales Director, Chris Thew, for his thoughts:
“As the Sales Director at Mishon Mackay I am pleased to report positive developments that suggest a better outlook moving into 2024. Over the past few weeks we have observed encouraging signs of recovery, with green shoots emerging and heightened buyer activity. The overall sentiment in the market is notably stronger, signalling a renewed confidence among potential homeowners. Particularly encouraging is seeing a greater number, and the re-entry, of First Time Buyers into the market, marking a positive shift after a period of cautious observation.
One noteworthy trend is the increasing alignment of offers to asking prices, indicating a more balanced and competitive market. While there are still instances of price reductions, this reflects motivated sellers keen on facilitating transactions. Notably we have seen a modest decrease in property fall-throughs, suggesting a more stable and reliable market environment.
Looking ahead, Mishon Mackay is optimistic about the coming months with a pipeline of properties ready to be launched in January. The anticipated momentum of green shoots is expected to persist, further contributing to the positive trajectory we have witnessed. While we acknowledge the presence of challenges our outlook remains both optimistic and realistic, reflecting the landscape in Brighton, Hove, and Mid Sussex.”
If you have any questions on the current local property market, then please call Chris on 01273 416732 or email him at cthew@mishonmackay.com
