The 2024 Shoreham-by-Sea Property Market
An analysis of last year’s property market and what will happen in 2025?
As experienced estate and lettings agents, we like to monitor the local, regional and national property market trends. In this article we'll provide an analysis of the 2024 property market nationally and locally, followed by our predictions for 2025.
In 2024, the UK property market recorded 1,230,136 homes sold subject to contract (STC). This figure represents a significant increase compared to 2023, where only 1,066,212 properties were sold STC.
15.4% more UK homes sold STC in 2024, compared to 2023.
For those of you who enjoy your property stats, the average price of the UK property sold STC in 2023 was £354,981 with an average of £331/sq.ft. In 2024, the average sale agreed price was 1.84% higher at £361,529, yet the average pound per square foot was 2.72% higher at £340/sq.ft.
Furthermore, the number of transactions has significantly risen, while the average price paid for a UK property and the pound per square foot has remained relatively the same. That means that while house prices have not really risen, the number of UK homes that sold did significantly. Remember, the best bellwether of the health of the UK property market is not necessarily UK house prices but the number of homes sold, so this increase is a positive indicator.
However, such a change in the property market demands a deeper analysis to understand the underlying factors and what they might mean for local markets, such as Shoreham-by-Sea.
Key Drivers of the UK Property Market Surge
Several factors have contributed to this positive momentum:
- Falling Mortgage Rates: Lower interest rates have made borrowing more accessible, encouraging buyers who may have previously hesitated due to affordability concerns.
- Wage Growth: Rising wages have given potential buyers greater financial confidence, enabling them to consider property purchases.
- Low Unemployment: A stable job market has fostered a sense of security, emboldening people to make significant life investments, such as buying a home.
- Changing Preferences: Post-pandemic shifts in how and where people want to live continue to play a role, with buyers seeking properties that align with their evolving lifestyles.
Shoreham-by-Sea’s Property Market: A Comparative Analysis
When we turn our attention to Shoreham-by-Sea, it's important to recognise that local markets can behave differently from national trends (Shoreham-by-Sea being BN43).
In 2023, 501 Shoreham homes sold for an average of £452,167 (at an average of £470/sq.ft.), while in 2024, 531 Shoreham homes sold for an average of £436,672 (at an average of £469/sq.ft.).
The most important thing here is the increase in the number of transactions.
5.9% increase in Shoreham-by-Sea home sales in 2024 compared to 2023.
As stated before, the number of transactions is a much better bellwether of the health of the property market than house prices.
Local Influences Shaping Shoreham-by-Sea’s Property Market
Shoreham's property market doesn't exist in isolation - it's shaped by a range of local factors that are often similar, yet can be different, from national trends. Changes in employment levels, ongoing infrastructure developments, and shifts in the local demographic profile can all impact the property market.
Understanding these nuances is essential for anyone wanting to make strategic property decisions in 2025.
Looking Ahead into 2025: Advice for Shoreham-by-Sea Homeowners and Landlords
As we enter 2025, the UK property market shows continued promise, yet a one-size-fits-all approach won't necessarily work in Shoreham. National patterns interact uniquely with local circumstances, meaning it's vital to focus on what's happening on the ground here.
Local market knowledge is a key advantage for Shoreham homeowners planning to sell or landlords managing portfolios. Evaluating your property's position within the Shoreham market could make all the difference in navigating opportunities or mitigating challenges in the year ahead. While 2024 was strong, it’s critical to go beyond the headlines. Local insights often reveal opportunities that broad trends don’t capture.
Of the 737 homes that left Shoreham-by-Sea estate agent books in 2024, only 429 of those homes the owner sold and moved (58.21%), while the remaining 308 homes (41.79%) withdrew, unsold.
The Key to Selling Your Home in Shoreham is Realistic Pricing
Looking at the statistics above, just under 6 in 10 of the properties listed for sale in Shoreham go on to sell. This highlights an essential truth about the Shoreham-by-Sea property market: pricing your home realistically is the single most crucial factor in securing a successful sale. Many estate agents are tempted to overprice properties to win your business, but this approach can significantly hinder your chances of selling, especially in a competitive market like Shoreham.
As your Sussex property experts, we understand the intricacies of our market and can provide honest, expert advice about your property's value. We aim to help you set a realistic asking price that maximises your chances of selling while achieving a fair and competitive market value.
If you’re eager to move and want a reliable, professional approach to selling your home in 2025, Oakley Property is here to help. Let's work together to make your property stand out in Shoreham-by-Sea's market, attract motivated buyers and ensure a smooth sale from start to finish. Get in touch today for tailored advice and a strategy to sell your Shoreham-by-Sea home.
Looking for your next home?
Oakley Property offer a tailored off-market service, providing you with exclusive access to the best properties Sussex has to offer before they're marketed on Zoopla and Rightmove! Sign up by clicking the image below.
