The 2024 Cottingham Property Market
As an experienced estate agent based in Cottingham, we like to monitor the UK and Cottingham property market trends.
Therefore, we will start by analysing the 2024 property market (both nationally and locally)
and then give 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 like 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.
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.
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 Cottingham.
Key Drivers of the UK Property Market Surge
Several factors have contributed to this positive momentum:
1. Falling Mortgage Rates: Lower interest rates have made borrowing more accessible,
encouraging buyers who may have previously hesitated due to affordability
concerns.
2. Wage Growth: Rising wages have given potential buyers greater financial
confidence, enabling them to consider property purchases.
3. Low Unemployment: A stable job market has fostered a sense of security,
emboldening people to make significant life investments, such as buying a home.
4. 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.
Cottingham’s Property Market: A Comparative Analysis
When we turn our attention to Cottingham, it's important to recognise that local markets
can behave differently from national trends (Cottingham being HU16).
In 2023, 250 Cottingham homes sold for an average of £250,645 (at an average of
£235/sq.ft.), while in 2024, 310 Cottingham homes sold for an average of £268,644 (at an
average of £239/sq.ft.).
The most important thing here is the increase in the number of transactions.
24% increase in Cottingham home sales in 2024 compared to 2023.
As we've stated before, the number of transactions is a much better bellwether of the health
of the property market than house prices.
So, what of 2025?
Local Influences Shaping Cottingham’s Property Market
Cottingham's property market doesn't exist in isolation - it's shaped by a range of local
factors that are often similar yet different from national trends. Changes in employment
levels, ongoing infrastructure developments, and shifts in the local demographic profile can
all impact it. Regional policies can also influence market activity. Understanding these nuances is
essential for property owners and landlords who want to make strategic decisions.
Looking Ahead into 2025: Advice for Cottingham Homeowners
As we enter 2025, the UK property market shows continued promise, yet a one-size-fits-all
approach won't work in Cottingham. 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 Cottingham homeowners planning to sell or
landlords managing portfolios. Evaluating your property's position within the Cottingham
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 413 homes that left Cottingham estate agent books in 2024,
only 230 of those homes the owner sold and moved (55.69%), while the remaining 183 homes (44.31%) withdrew, unsold
The Key to Selling Your Home in Cottingham is Realistic Pricing
Looking at the statistics above, over half of the properties listed for sale in Cottingham go on
to sell.
This highlights an essential truth about the Cottingham 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
Cottingham.
Research by ‘Denton House’ reveals that properties listed at the right price from the start
are far more likely to sell quickly and successfully.
For example, homes that sell within the first 25 days of being listed have a 94% likelihood of reaching completion and ensuring the
homeowner successfully moves. However, if a property lingers on the market for over 100 days, if the homeowner does agree on a sale, the chances of that sale going on to exchange and complete (i.e. the homeowner moving) plummet dramatically to 56%.
As an experienced local estate agent in Cottingham, 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. We analyse local market conditions daily and stay up-to-date with shifting trends, ensuring your home is priced to sell - not to sit on the market.
If you’re eager to move and want a reliable, professional approach to selling your home in 2025, We're here to help. Let's work together to make your property stand out in Cottingham'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 Cottingham home.