Autumn Property Market Update: What We're Seeing

As we move into the autumn market, buyer demand remains active but we are seeing buyers becoming increasingly considered in their decision-making. Affordability, energy efficiency and the amount of work a property requires are all playing a significant role in how buyers assess a home and what they are prepared to pay.

Affordability is increasingly important

Affordability is coming to the fore across almost all buyer demographics, not just first-time buyers. Buyers are looking beyond the purchase price and considering the overall cost of owning a property – from mortgage repayments and energy costs to the potential expense of renovations or upgrades.

Strong demand for apartments

We continue to see strong demand for apartments, with affordability likely to be one of the factors driving interest. For many buyers, particularly first-time buyers, apartments can provide a more accessible route into sought-after locations where houses may be outside their budget.

First-time buyers remain a significant presence in the market and, in our experience, many are prioritising properties that don't require substantial work. While there will always be buyers willing to take on a renovation project, the cost and uncertainty involved in major works is something buyers are increasingly factoring into their decisions.

Turnkey homes have real appeal

This is also helping to drive demand for well-presented, energy-efficient homes where buyers feel they can move in without facing significant additional expenditure.

Buyers remain willing to pay for the right property, but they are increasingly conscious of value. Where substantial refurbishment is required, they are looking carefully at the likely cost of those works and reflecting this in what they are prepared to offer.

Working from home continues to influence what buyers want

The way people use their homes has also changed considerably in recent years, and flexible space remains high on many buyers' wish lists.

A dedicated home office is attractive, but it doesn't necessarily have to be a traditional study. An additional bedroom, converted attic or other flexible space that provides somewhere separate to work can add considerably to a property's appeal.

Garden rooms are proving a particularly attractive feature. They offer buyers the possibility of a dedicated workspace away from the main living areas without sacrificing a bedroom, while also providing flexibility for other uses.

BER is increasingly front of mind

Energy efficiency has become a much bigger consideration for buyers, and BER ratings are now very much part of the conversation when people are viewing a property.

Buyers are increasingly conscious of what a BER rating could mean for heating and running costs, as well as the potential expense involved in improving the energy efficiency of an older home. For sellers, understanding the BER of their property – and highlighting any energy-efficiency improvements already undertaken – is therefore increasingly important.

What does this mean for sellers?

The autumn market continues to present opportunities for sellers, but understanding how today's buyers are approaching their purchase is important.

Correct pricing, good presentation and highlighting the features buyers value – from energy efficiency and flexible working space to gardens and garden rooms – can all influence how a property is received when it comes to market.

If you're considering selling, even if you're only at the early stages, a current valuation can help you understand your property's position in today's market and what you can do to prepare it for sale.

Thinking of selling? Talk to one of our local negotiators about arranging a valuation of your home.

 

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