Market Update December 2024
As we hurtle towards Christmastime and we hang our stockings on the fireplace; it seems a good time to look back at the year that is almost over and how things have changed in the local property market.
2024 started under somewhat of a cloud; the stubborn high levels of inflation and the interest rate holding up at higher levels than we have seen for over a decade; the government in a state of flux and the promise of a general election and all of the promises and threats made by each political party of things they may or may not do to aid the economy. So; as estate agents we battened down the hatches to prepare for a tough year…
Surprisingly; it seems sometimes things are not as bleak as they might first appear. Looking back over the last 11 months the property market has really held its own. In a change to the post covid market; it isn’t all ‘best and final’ offers and properties being sold before they even get to the market – it is a much steadier time where buyers are taking their time to find the right property and as such properties are often remaining on the market for a longer time. There has of course been a glut of estate agents overvaluing (as there always is post a really positive marketplace) and indeed in the Solihull area we have even seen one estate agency offering to sell a property for £1 and in the majority of cases still overvaluing them to get them on the market. Locally we are lucky that we deal with a lot of intelligent people in the Solihull area and they generally see through all the gimmicks and the poor advice – from a personal perspective a client that appreciates good advice based on experience is always the best to work with and we are lucky enough as a company to find a good level of those to work with!
So how will things look for 2025? My gut feeling is that we shall keep the positive trend and that ultimately we will see a repeat of this year all over again – obstacles may arise as they did throughout ’24, but the market will remain resilient. I personally hope that the government will do more to support first time buyers than they have done so far and that enables more people to get onto the property ladder.
Let us hope that the rental market continues to go from strength to strength in 2025 too. This year has been a real period of growth for the Melvyn Danes lettings team and we have welcomed a new property manager into the team to assist with our growing numbers enabling us to continue to provide the same high level of personal service to our landlords we have since 1990!
If you are thinking of a move in 2025; or indeed considering renting a property out in the local area – you can talk to any of our experienced and long serving staff in branch at any time. Property is usually the greatest investment any of us acquire and as such whenever considering any decision around its disposal taking the best advice is paramount; and whatever is thrown at us in 2025 I know 100% that myself and my staff will continue to provide that to all of our clients!
As a reflection; our latest Google review sums up much of my comments above –
“It took us a while to sell a late family member’s property due to market conditions, time of year, and a first sale fall through (buyers simply changed their minds a couple of weeks in – as can happen) but we made it in the end.
Our experience with Melvyn Danes has been excellent. Starting with an initial meeting, getting details published, organising viewings (all of these painless and no work for us) and constructive reassurances along the way from Sam, Lucy and Vanessa. Communication with the team was really good. Emails and phone calls at each stage, viewing etc etc. A friendly and personable and experienced team. We knew we were in good hands.
In particular, during the last couple of weeks we had some challenges in the chain and slow responses from solicitors etc etc. which made for a bit of a stressful time as we approached exchange.
Sam was our main contact in the last few weeks and we had several emails and phone calls and she was brilliant each time. She worked hard behind the scenes using her experience and contacts to try and move things along as quickly as possible and I suspect if it hadn’t been for her interventions, it would have taken a few more weeks to exchange/complete!
These days, people sometimes complain about “traditional” estate agents fees etc vs DIY or other cheaper online routes, but I have to say, we feel it was good value for us particularly given how Sam helped get us there over the last couple of weeks.
So in conclusion, a big thanks to the team and particularly Sam for a positive experience.
We wouldn’t hesitate to recommend Melvyn Danes to others in future”
