November Property Market Trends: How’s the Local Property Market Shaping Up?

As we approach the end of the year, the local property market continues to present unique opportunities and challenges for buyers, sellers, landlords and tenants alike. Here’s a snapshot of what’s happening in our area this November:

1. Average Property Prices in the Area Property prices have remained steady over the past few months, with the average home in Surrey currently valued at approximately £540,000 and in Hampshire at around £445,000. In Surrey, detached properties have an average price of £850,000, while terraced homes are closer to £435,000. Hampshire’s property landscape shows detached homes averaging £640,000 and terraced properties around £310,000. These figures reflect a slight increase of 1.8% compared to last year, highlighting stable demand in both regions.
   
   
2. Buyer Demand as We Approach Year-End Traditionally, the property market slows down as the year draws to a close, however, this year we’re seeing sustained activity. In Surrey, the demand for properties with access to good schools and commuter links remains high, particularly in areas around Farnham, Guildford, Woking. In Hampshire, locations like Alton and Petersfield are experiencing strong interest, especially for family homes and properties with home-office spaces. Buyers are motivated to complete purchases before the stamp duty increase in April, and attractive mortgage rates are contributing to consistent market activity.
   
   
3. Predictions for the Property Market in the New Year Looking ahead, we anticipate a busy start to the New Year as buyers and sellers take advantage of the post-holiday market. With evolving market conditions, it’s likely we’ll see a gradual increase in new listings across Surrey and Hampshire, providing more options for buyers. Sellers can expect competition to remain strong, particularly for well-presented properties in desirable areas. Experts predict a modest price increase of around 2-3% in the first quarter of the year as demand continues to outpace supply.
   
   
4. Key Trends in Lettings The rental market in both Surrey and Hampshire remains highly competitive as demand outstrips supply. Key trends include:

• Increasing Rents: Average rental prices in Surrey have risen by approximately 5% this year, with family homes and properties near commuter hubs in highest demand. Hampshire rents have seen a similar trend, increasing by around 4%.
• Shift Toward Energy Efficiency: Tenants are increasingly prioritising properties with energy-efficient features due to rising utility costs. Landlords investing in upgrades like double glazing or improved insulation are seeing quicker tenancies.
• Strong Tenant Demand: The demand for rental properties remains consistent, particularly in areas like Farnham, Cobham, and Godalming. Apartments and smaller homes that are priced attractively are moving quickly, with many properties being let within days of listing.
• Regulatory Changes: Landlords are advised to stay updated on recent and upcoming changes in regulations, including energy performance standards and tenant rights, to ensure compliance and maintain tenant satisfaction.

What Does This Mean for You? Whether you’re considering buying, selling, or letting, now is a great time to take advantage of the current market dynamics. Our team is here to provide expert guidance and help you navigate every step of the process.

For a more detailed analysis of how the market trends affect your specific circumstances, feel free to get in touch. We’d be delighted to help you make the most of today’s opportunities.