South-west agency reports 50% uplift in property sales revenue

Thanks to a strong activity levels and a high demand for family homes, estate agency Henry Adams has reported a 50% uplift in net property sales revenue on transactions agreed between April and June 2024 when compared to the same period last year.

The agency, which operates a network of sales and lettings branches across West Sussex, Hampshire and Surrey, says family homes between priced between £450,000 and £750,000 have contributed to the positive figures.

Gareth Overton, Head of Residential Sales, said: “The market has shown remarkable stability and resilience after some turbulent times. While prices aren’t yet increasing, the calmer interest and mortgage rates have encouraged buyers and sellers to take action.

“Our analysis shows the froth has come off the market and sales are being agreed at realistic figures. Those properties on the market at over-optimistic prices are not attracting the same degree of interest, and the days of 20 sealed bids are long gone.”

Post-election bounceback

In the past year, Henry Adams has invested heavily in installing new tech, staff training, and in marketing and promotion. While viewing figures were down just before the election, activity bounced back quickly. The anticipated change in government was already factored in by many homeowners and it’s back to business as usual.

Stronger levels of activity look set to continue into the summer.”

“It’s certainly busier than we usually expect around election time,” said Gareth Overton. “With steadier interest rates, which are likely to be cut again in the coming months, the outlook is optimistic. Stronger levels of activity look set to continue into the summer selling period with clients making informed decisions to take advantage of this market stability. There are still some great opportunities for people to secure their next home at a sensible price.”

Rightmove’s House Price Index reveals that the number of sales being agreed is 15% up on July last year across the country. Rightmove also adds that new sellers are up by 3% and the average five-year fixed rate mortgage stands at 4.97%, below the 6.11% peak of last year, making repayments more affordable.