North West Property Market in March 2024

Home & Beyond
May 24, 2024

North West Property Market Dynamics: March 2024 Analysis

March 2024 has been a dynamic month for the property market in the North West of England, reflecting strong growth and unique challenges. Farrell Heyworth's analysis provides an in-depth look at the market trends, transaction volumes and pricing dynamics, tailored for professionals operating throughout the North West.

Overall Market Activity - 16,396 New Instructions

The North West region recorded significant new instructions in March 2024, totalling 16,396. This represents a 5% increase from the same month last year and a 7% increase from February 2024. Such upward trends indicate a healthy seller's market, with increasing homeowners choosing to list their properties. This could be attributed to improved market conditions, increased consumer confidence, or anticipated rises in property values.

Key Performance Indicators - 12,589 SSTCs, 6,796 Exchanges

March saw 12,589 Sales Subject to Contract (SSTC), which, although it marks a 3% increase year-over-year, showed a 15% decrease from the previous month. This fluctuation might reflect typical seasonal adjustments or indicate market cooling. In contrast, the number of exchanged properties reached 6,796, reflecting a substantial 13% increase from the previous year and a 9% rise from the previous month. These exchanges had an average price of £248,249, marking a 6% increase year-over-year, showcasing the growing property values in the North West.

Transaction Times and Market Efficiency - Average of 122 Days to Complete

The average time to complete a transaction in the North West now stands at 122 days. This duration is relatively high, potentially due to delays in the conveyancing process or challenges in securing financing amid changing economic conditions. For estate agents and buyers alike, this extended timeframe could mean a reevaluation of timeline expectations and possibly necessitate more proactive measures to expedite processes.

Market Challenges - Transaction Delays and Price Sensitivity

Despite the buoyant activity, the North West market faces challenges such as the lengthened transaction times mentioned above and price sensitivity among buyers. Buyers may become more cautious as property values rise, impacting the lower-than-expected increase in SSTCs compared to the number of new listings. Estate agents must address these concerns by providing accurate valuations and setting realistic expectations for sellers and buyers.

Strategic Opportunities for Estate Agents

The current market conditions offer challenges and opportunities for estate agents. The increase in property values and transaction volumes presents a significant opportunity for revenue growth. However, the market also demands a strategic response to the extended completion times and the competitive environment. Implementing technology solutions, enhancing customer service, and leveraging detailed market data for better forecasting could differentiate an agency in this active market.

Adapting Strategies for Market Success

The North West's property market in March 2024 presents a mixed but generally positive picture. The dynamics of increasing property values and active market participation suggest growth, but not without challenges. Estate agents and stakeholders must adapt to these conditions with innovative strategies to capitalize on opportunities and mitigate risks. For Farrell Heyworth and similar entities, this means understanding the market through data like that provided in this report, anticipating changes and acting swiftly to maintain a competitive edge.

About Farrell Heyworth: Trusted Estate Agent in the North West

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

Whether you're looking to buy your first home, sell a property, or find a reliable property management service, Farrell Heyworth has the expertise and resources to assist you every step of the way.

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