The MK45 property market update
For the last year I have been invited by the local Ampthill & Flitwick Life magazine to write a bi-monthly article on the MK45 property market. I have just completed the latest update ready to go to print today and wanted to share it with you first. Click the link to discover what is really happening in the local property market.
Over the past year, I've been tracking key indicators in the MK45 property market: the number of properties listed, sales agreed, and price reductions. This data provides a good gauge of the marketβs health and has shown encouraging trends throughout 2024.
As we can see the 2024 market has demonstrated strong activity, especially in comparison to the previous two years. After the post-COVID boom and the slow down caused by the 2022 mini-budget weβve seen a significant rebound this year. Agreed sales in 2024 have increased by 15.8% compared to the same period in 2022 and a remarkable 40% compared to 2023 reflecting renewed buyer confidence.
Another positive sign is the 21% decrease in price reductions from 2023. While reductions are still higher than in 2022, this decline suggests that properties are being priced more accurately from the outset, leading to quicker sales without needing substantial discounts. In 2022, many buyers paid a premium due to a shortage of a homes. In 2024, the market appears more balanced, with realistic pricing reflecting the true value of properties.
Looking ahead to the rest of 2024 and into 2025, the outlook is generally positive. Although a seasonal slowdown is expected as the year ends, strong buyer demand should continue into the 2025. The only uncertainty is how the November budget might impact the market, but I anticipate that demand will remain healthy. Homes priced appropriately and marketed well will continue to attract interest and sell quickly, maintaining a steady, balanced market.