East Hull Villages House Sales Up 27.1% on 2023 – Yet Challenges Still Remain
The number of agreed UK property sales until Saturday, 22nd November 2024, is 18% higher than a
year ago.
Breaking those stats down even further, as of 22nd November 2024, 1,009,340 UK homes had been sold subject to contract (STC), an 18% increase from the 855,083 homes sold STC in the same
period of 2023. The average UK selling price has risen significantly, reaching £362,017 in 2024,
compared to £326,125 in 2023 (a rise of 11%).
That doesn't mean UK house prices have risen 11%; more higher-valued properties have sold in
2024 than in 2023. The £ per square foot is a better judge of house price changes. The pound per
square foot has risen only by 2.7% over the last year, climbing from £331 to £340 (which is in line
with the major house price indicators).
Every UK region saw an increase in the number of properties selling (STC) in 2024 compared to
2023 in that 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 we have had increased properties sold STC, the supply of UK properties on the market is very
similar to last year, (643,327 for sale in November 2024 versus 630,307 for sale in November 2023).
Buyers Have the Advantage, but Challenges Remain
The current market presents opportunities for home buyers in the villages of East Hull but also
lingering challenges. While mortgage rates are improving, they are still higher than many prefer.
However, affordability is reasonable, with some banks and building societies offering rates below
4% for those with larger deposits.
Buyers today have more choice than a few years ago, and in some East Hull villages, properties are
spending longer on the market. This allows for more time to consider options and even negotiate
favourable terms. That said, competition still exists for highly desirable East Hull village homes, and
properties in prime locations or with unique features may still attract multiple offers.
Securing a mortgage agreement, in principle, is vital to give any East Hull Villages buyers an edge in
these competitive scenarios. Having that mortgage agreement in place not only streamlines the
property buying process, but also makes a strong impression on sellers, particularly in situations
where speed is of the essence.
East Hull Sellers Must Focus on Pricing and Presentation
On the other hand, sellers face a market where realism is key.
As of 22nd November 2024, 394 East Hull homes had been sold STC, a 27.1% increase from the 310
homes sold STC in the same period of 2023. The average East Hull selling price hasn’t changed
much, achieving £214,012 in 2024, compared to £214,727 in 2023 (a slight drop of 0.33%).
The £ per square foot on the homes sold STC for East Hull has been £206 per square foot in 2024,
compared to £200 per square foot in 2023.
In 2023, 46.99% of East Hull homes that came to market were successfully sold (completed and
exchanged). In 2024, that figure has risen slightly to 49.45%. Even though the sale ability has
increased slightly, still less half of East Hull homes are selling, emphasising the need for careful
pricing strategies. (East Hull - HU12 - 1 st Jan to Nov 22 nd ).
National figures showed that 52.96% of properties were sold (exchanged and completed) in 2023,
only slightly improving to 53.62% in 2024.
If you think about it, you have just over one in two chances of selling if you put your home on the
market; therefore, accurate pricing is more important than ever, but it isn’t the only factor. Homes
that stand out in today’s market often do so because of exceptional marketing. Virtual or video
tours, high-quality photography, and targeted social media campaigns are no longer optional -
they’re essential. For sellers looking to maximise interest and achieve a strong price, presenting
their property in the best possible light is a non-negotiable step.
The Local Perspective: East Hull Villages’ Unique Market Dynamics
East Hull villages’ property market has always had its quirks, and 2024 is no exception. Different
postcode areas are experiencing varying levels of activity. In some areas of the villages, homes are
selling quickly, while in others, buyers have more room to negotiate, whether on price, fixtures, or
even completion dates.
This means that flexibility can be an asset for buyers. Expanding your search radius or considering
properties slightly outside your initial criteria could reveal opportunities that others have
overlooked. For sellers, understanding these local variations is critical to setting the right price and
crafting an effective marketing plan.
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 means
that what might be perceived as a loss on one side of the transaction can be recouped on the other.
A slightly lower sale price on your current property may open the door to negotiating a better deal
on your next purchase.
External Factors Shaping the East Hull Villages Market
No property market operates in isolation, and villages of East Hull are no exception. National and
global trends will inevitably influence it.
That said, the East Hull Villages' property market has shown resilience in the past, which is likely to
continue. While challenges remain, stabilising mortgage rates and a steady economy offer hope for
a more active market in the coming months.
Final Thoughts
As the property market in the villages in East Hull moves into 2025, success will hinge on
understanding the current dynamics and being prepared to adapt. For buyers, this means having
your finances in order and being ready to act quickly when the right property comes along. For
sellers, setting a realistic asking price for your East Hull village home ensures your property is
effectively marketed from day one.
The journey requires a thoughtful approach, whether buying, selling or keeping an eye on the
market. There are both opportunities and challenges ahead - but with the right strategy, the path
forward is clear.
What’s your perspective on the East Hull villages’ property market? Have you noticed similar
trends, or do you see things differently?