North West Property Market Dynamics: April 2024 Review

Overall Market Activity - 16,112 New Instructions

The North West saw 16,112 new property instructions in April 2024. Although this is a slight decrease from March 2024, it marks a significant 22% increase compared to April 2023. This indicates a strong seller's market, driven by favourable economic conditions and growing consumer confidence.

Key Performance Indicators - 12,461 SSTCs, 7,179 Exchanges

April 2024 recorded 12,461 Sales Subject to Contract (SSTC), down 1% from March but up 21% year-over-year. The number of property exchanges reached 7,179, a 6% increase from the previous month and a 13% rise from April 2023. The average exchange price was £249,866, indicating a 6% year-over-year increase, underscoring rising property values in the North West.

Transaction Times and Market Efficiency - Average of 121 Days to Complete

The average transaction completion time in the North West stood at 121 days in April 2024, slightly better than March's 122 days. This marginal improvement might indicate more efficient conveyancing processes or faster financing approvals, yet it still highlights the need for continued efforts to expedite transactions.

Market Challenges - Transaction Delays and Price Sensitivity

Despite robust market activity, the North West faces challenges such as prolonged transaction times and heightened buyer price sensitivity. As property values rise, buyers may become more cautious, potentially slowing the pace of sales. Estate agents must tackle these issues by offering accurate valuations and setting realistic expectations for sellers and buyers.

Strategic Opportunities for Estate Agents

Current market conditions present challenges and opportunities for estate agents. Increased property values and transaction volumes offer substantial revenue growth potential. However, agents must strategically address extended completion times and intense competition by adopting technology solutions, improving customer service, and using detailed market data for better forecasting.

Adapting Strategies for Market Success

The property market in the North West during April 2024 shows promising growth with some hurdles. To capitalise on opportunities and mitigate risks, stakeholders must employ innovative strategies. For Farrell Heyworth and similar entities, this means leveraging detailed market data, anticipating changes, and acting swiftly to maintain a competitive edge.

About Farrell Heyworth: Your Trusted Estate Agent in the North West

Farrell Heyworth is a leading estate agent with a strong presence in the North West. We are known for our expertise and comprehensive services in buying, selling, and managing properties. With branches strategically located across the region, we provide localised insights and specialised services to meet the unique needs of each community.

• Lancaster Branch
• Preston Branch
• Morecambe Branch
• Blackpool Branch

Whether buying your first home, selling a property or seeking reliable property management services, Farrell Heyworth has the expertise and resources to support you every step.