Welcome to the latest edition of Rooftops. We hope you find it informative and interesting but also particularly useful if you’re considering making a move in the coming months. Whether you’re a seasoned reader or new to our magazine, we’re sure you’ll enjoy the insights we have to offer.
As we look forward to a warm and pleasant summer, it’s refreshing to leave behind what can only be described as a gloomy and especially wet winter and spring. Right now, as we write, we’re basking in beautiful sunshine, and the positive effect this has on the outlook of family, friends, clients, purchasers and colleagues alike is palpable.
Since our last edition, the winter housing market reflected the weather with a challenging third quarter of 2023 leading into a relatively flat start to 2024. Property prices undoubtedly softened as mortgage rates continued to fluctuate, while ongoing global issues affected confidence in the markets and the economy as a whole.
With inflation continuing to stabilise and interest rates holding firm, it is no surprise we have seen a steady increase in activity into spring, particularly as the weather has improved and more properties are introduced to the market.
One of the more interesting statistics is the increase in first time buyers purchasing homes. With many being assisted by the ‘bank of Mum and Dad’ sales in the lower to middle price brackets have been consistent, which at the time of writing is noticeably working its way up ladder.
With this fresh impetus coupled with a sustained season of warmer weather, we are optimistic for the summer months ahead and the July election could well lead to a welcome boost into autumn, too.
As referenced in our previous edition, typically a less robust sales market coincides with a more buoyant lettings market, and this has continued well into 2024. Higher mortgage rates have added pressure to landlords and tenants alike, with rental values increasing as landlords are also squeezed by higher borrowing. With continued discussions in parliament likely to see further legislation introduced in the form of the rent reform act (or a variation of), we have benefitted from a 26% increase in clients opting for the peace of mind that our fully managed lettings service offers.
We have also seen exponential growth for our holiday lets business, with consistently strong demand for weekend getaways as well as an increasing number of ‘inbetweeners’ seeking relatively short-term living accommodation between house moves.
Interestingly, many of our guests reference the wide array of restaurants to explore in our area; we are extremely lucky to have so many country pubs and restaurants in addition to the more nationally known hotspots such as Lavenham, Bury St Edmunds and Newmarket Races. With summer upon us, we expect bookings to grow as we introduce more properties to the market.
And finally, a special mention to our wonderful colleagues who make David Burr such a rewarding environment to work in. We hope you will find interacting with our company and staff both enjoyable and constructive, as our consistently positive reviews attest to.
As the company continues to grow and evolve, we are conscious to maintain our independent ‘family’ ethos, and seeing so many excel and develop is something we are particularly proud of. From new starters to long standing company heroes, thank you all for taking such pride in your work – our people are the heart and soul of our company.
If you are looking for a career in agency and are interested to join our team, please contact us by emailing [email protected]
Whether you’re looking to buy, sell or invest in property, our team is here to guide you every step of the way.
If you have any questions or need assistance with your property needs, please do not hesitate to contact us. We’re here to help, and look forward to working with you.
