How is the market?
A question estate agents are asked a lot…especially this time of year.
To answer we have to, initially, look backwards. 2023 was a year where we saw a slowdown in the housing market in response to raising interest rates and economic uncertainty. The number of houses selling fell from the very high numbers we saw in 2020, 2021 and 2022.
Although the Bank of England base rate hasn’t fallen mortgage lending rate have started to drop as banks compete to write new mortgages and expect the base rate to be lower in the future.
December 2023 was a far better and improved month compared to December 2022. We expect this to feed to better market conditions as we move on to 2024.
We are already seeing more people arranging sales appraisals, viewing numbers are increasing, offers being received and the all important sales being agreed.
There will still be challenges this year, however, many people who were ‘waiting to see’ are now starting their house hunts.
In summary we expect a more buoyant market in 2024.
If you are thinking of selling and are interested in how the market has changed contact us now for a market appraisal.
New Associate Director
Aldreds are delighted to announce that David McMaster has joined us as Associate Director overseeing our Lettings and Property Management department.
David has a long and distinguished career in both Berkshire and Norfolk. As past president of ARLA (Association of Residential Lettings) he is one of the most knowledgeable and qualified letting specialists in the country.
David will be driving forward the department with new innovations and will be overseeing the process of letting our properties from rental valuation to tenant check out. You can, therefore, be assured that your property is in safe hands.
You can contact David on 01493 849111, This email address is being protected from spambots. You need JavaScript enabled to view it. or pop in and see him at our office in Great Yarmouth.
Christmas Opening Hours
Wishing you all a Merry Christmas and a Happy New Year!
Friday 22nd Dec 9am – 12noon
Saturday 23rd December 9am till 12noon (Residential sales only)
Wednesday 27th December 9am till 4pm
Thursday 28th December 9am till 4pm
Friday 29th December 9am till 4pm
Saturday 30th December 9am till 12noon (Residential sales only)
Back to normal Tuesday 2nd January 2024!
Base Rate
The Bank of England has announced the base rate will stay at 5.25%. This is welcome pre Christmas news for mortgage holders and those planning to purchase in 2024.
More reasons to be positive for the housing market next year!
Aldreds Lettings Win Top Award!!!
Absolutely amazing news!!
Aldreds Lettings have been awarded the top prize in The British Property Awards!
More to follow but we are so proud of Susie, Sue, Michelle, Steph, Vicky and Claire!
Happy Tuesday!
The Autumn Statement
Today is the Chancellor's Autumn Statement.
Lots of rumours flying around regarding tax, spending and the property market!
All will be revealed at 12.30pm!
The Power of Relaunch!
Over the past month one of our offices has arranged and carried out full relaunch of three properties for clients.
All three had been for sale since the summer with competitors with limited success and no sale achieved.
We retook photos at new angles, prepared new marketing material and shot video tours where appropriate. We applied upgraded Rightmove listing to all three.
We are delighted that all three properties are now sold stc.
As we move towards the end of the year many sellers will be thinking of changing agents or withdrawing from the market and relaunching in the New Year.
If this is you call us today and we can come and see you, discuss your requirements and get your relaunch for 2024 scheduled.
Renter’s Reform Bill
The King confirmed yesterday at the state opening that the Renter’s Reform bill will pass through parliament before the next election.
However, it will be a ‘watered down’ version with the scrapping of Section 21 ‘no fault evictions’ delayed until the court process can be improved and streamlined.
King Charles said: "Renters will benefit from stronger security of tenure and better value, while landlords will benefit from reforms to provide certainty that they can regain their properties when needed."
The bill aims to improve security for tenants whilst giving landlords more rights when dealing with problem tenants.
We will update further as the bill moves through parliament!
Beatrix back where she started!
After spending the post lock down years in Gorleston and more recently Great Yarmouth offices, Beatrix is back in Lowestoft office.
She joined us in 2015 as an apprentice. Never one to sit still her career with her as progressed to the point where she was keen to work in other areas. However, being a Suffolk girl, it made sense for her to now apply the wealth of experience she has built ‘south of the border’.
Beatrix will be carrying out market appraisal, agreeing sales, overseeing transactions and carrying out viewings.
If you would like to talk to Beatrix about buying or selling call her on 01502 565432 or This email address is being protected from spambots. You need JavaScript enabled to view it.
