Property Market Update for Surrey and Sussex – November 2024
Surrey:
House Prices:
- The average house price in Surrey is £500,300, which is 70% higher than the national average for England and Wales
- Detached houses have seen the most volatility, while flats and maisonettes have been more resilient
Sales Volume:
- November 2024 recorded the worst sales volume on record for Surrey, with only 681 transactions
- Epsom & Ewell had the strongest sales volume compared to last year, at 58% of the previous year’s figure
Market Trends:
- House prices in Surrey have fallen short-term but have risen long-term
- The base rate, currently at 5.25%, is expected to come down slightly in the coming months, potentially increasing buying power and house price growth
Sussex:
House Prices:
- House prices in Sussex have remained relatively stable, with slight fluctuations depending on the area
- The average house price in Sussex is slightly lower than in Surrey, reflecting its broader range of property types and locations
Sales Volume:
- Similar to Surrey, Sussex has seen a decrease in sales volume, though not as pronounced
- Coastal areas like Brighton and Hove continue to attract buyers, maintaining higher transaction levels compared to inland areas
Market Trends:
- The market in Sussex is expected to see moderate growth heading into 2025, with a forecasted 4% house price increase
- Rental demand remains high, particularly in more affordable areas, driving rental price growth
Overall, both Surrey and Sussex are experiencing a period of adjustment, with house prices stabilizing and sales volumes reflecting broader economic conditions. The anticipated reduction in the base rate could provide a boost to the market in the coming months.
For a more detailed look at the housing market trends click on the rightmove link below
