UK Property Market Trends: What the Numbers Tell Us About Shoreham-by-Sea
Shoreham-by-Sea house sales are up 9.7% on 2023 – but challenges still remain. In this latest article from your Sussex Property Experts, we discuss how these statistics affect the Shoreham-by-Sea market.
As of 22nd November 2024, 1,009,340 UK homes had been sold subject to contract (STC), marking an 18% increase from the 855,083 homes sold in the same period of 2023. The average UK selling price has also seen a jump, reaching £362,017 in 2024, compared to £326,125 in 2023—an impressive rise of 11%.
Does this mean house prices have climbed by 11% Not quite. This figure reflects the sale of more higher-value properties rather than an across-the-board price hike. A more accurate gauge of house price changes is the cost per square foot, which has risen modestly by 2.7%, from £331 to £340.
Every UK region experienced growth in the number of properties sold (STC) in 2024 compared to 2023 in the January to November window:
- East Anglia: Up 22.2% (highest growth in the UK)
- East Midlands: Up 21.5%
- South East: Up 19.6%
- North West: Up 18.5%
- London: Up 18.3%
- West Midlands: Up 18.2%
- Yorkshire & Humber: Up 17.6%
- North East: Up 15.7%
- South West: Up 15.6%
- Wales: Up 14.6%
- Scotland: Up 12.9%
- Northern Ireland: Up 12%
Whilst the number of properties sold has grown, the supply of UK properties remains similar to last year—643,327 for sale in November 2024 compared to 630,307 for sale in November 2023.
Opportunities and Challenges for Buyers in Shoreham-by-Sea
The current market presents a mixed picture for homebuyers in Shoreham-by-Sea. Mortgage rates are gradually improving, with some lenders offering rates below 4% for buyers with larger deposits. This is a welcome development, though affordability remains a concern for many.
One positive for buyers is that in 2024 they do have more choice, with properties often spending longer on the market. This gives you time to weigh your options and potentially negotiate favourable terms. However, competition still exists for highly desirable Shoreham-by-Sea homes, and properties in prime locations or with unique features may still attract multiple offers.
To stay ahead, securing a mortgage agreement in principle is essential. Not only does this streamline the buying process, but it also shows sellers you’re serious—especially important when speed matters.
Advice for Shoreham-by-Sea Sellers
Sellers in Shoreham-by-Sea face a market where pricing and presentation are critical.
In 2024, 507 Shoreham homes were sold STC—a 9.7% increase from 462 in 2023. However, the average selling price dipped slightly to £438,305 from £459,365 last year, a 4.6% decline. Similarly, the cost per square foot has fallen slightly, from £475 in 2023 to £472 in 2024.
What does this mean for sellers? Accurate pricing is more important than ever. In 2023, 58.87% of Shoreham homes that came to market were successfully sold, but this has dipped to 56.59% in 2024. That’s still above the national average of 53.62%, but it emphasises the need for a realistic approach to pricing.
Presentation also plays a crucial role. In today’s market, high-quality photography, video tours, and targeted social media campaigns are essential. Homes that stand out visually and are marketed effectively are far more likely to attract attention and achieve a strong price.
The Local Perspective: Shoreham-by-Sea’s Unique Market Dynamics
Shoreham-by-Sea’s property market continues to have its quirks. Some postcode areas are seeing homes sell quickly, while others offer buyers more room to negotiate—whether on price, fixtures, or even completion dates.
Flexibility can be a real asset here. Buyers might benefit from expanding their search radius or considering homes just outside their original criteria. Sellers, meanwhile, should stay informed about local trends to set the right price and develop an effective marketing strategy.
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A Balanced Perspective: The Seller-Buyer Dynamic
It’s worth remembering that over four out of five sellers are also buyers. This dual role often balances the equation—a slightly lower sale price on your current home could lead to negotiating a better deal on your next purchase.
External Influences on Shoreham-by-Sea’s Market
No property market operates in isolation, and Shoreham-by-Sea is no exception. National and global trends, from mortgage rate changes to economic shifts, will inevitably play a role.
However, Shoreham’s market has shown remarkable resilience in the past, and that trend looks set to continue. With stabilising mortgage rates and a steady economy, there’s hope for a more active market heading into 2025.
Looking Ahead to 2025
For buyers, success in 2025 will mean having your finances in order and being ready to act quickly when the right property comes along. For sellers, it’s all about setting a realistic asking price and presenting your property in its best light from day one.
At Oakley Property, we’re here to help you navigate Shoreham-by-Sea’s unique market dynamics with confidence. Whether you’re buying, selling, or just keeping an eye on trends, we’ll guide you every step of the way.
