As a seasoned property and house buying company in Doncaster, we have been keeping a close eye on the trends in the UK property market. As of January 2024, the market has displayed a strong start, which is worth exploring, particularly in terms of how it aligns or diverges from the local market in Doncaster.

In the first 11 days of 2024, a total of 22,400 homes were sold subject to contract (stc) in the UK. This figure represents a significant increase compared to the same period in 2023, where only 15,735 properties were sold stc.

This marks an impressive 42.37% year-to-date increase in the number of home sales in the UK.

For those who are interested in property statistics, the average price of the properties sold stc in the first 11 days of 2023 was £337,678, with an average price per square foot of £321. In 2024, the average sale agreed price was almost identical at £337,972, but the average price per square foot was slightly higher at £326.

Such a surge in the property market calls for a deeper analysis to understand the underlying factors and their implications for local markets like Doncaster.

Key factors driving the surge in the UK property market include the lowering of mortgage rates, which has made property purchases more affordable for a larger segment of the population. Additionally, rising wages have played a critical role, as individuals with more disposable income are more inclined to invest in property, which is seen as a secure and lucrative asset. The strong job market and low unemployment rates have also instilled confidence in people, encouraging them to make significant life decisions such as buying a home. Other factors such as demographic shifts, changes in housing preferences post-pandemic, and government policies that incentivize property purchases are also at play.

When we shift our focus to Doncaster, it is important to recognize that local markets can behave differently from national trends. As of the same period in 2024, Doncaster's property market has seen 112 sales agreed (sold stc), compared to 81 during the same period in 2023. This represents a 38.2% year-to-date increase in Doncaster home sales.

However, it is still early days, and these figures could change as time progresses.

Before delving deeper into the analysis, I wanted to determine if there were any differences in the types of properties being sold in the first two weeks of the year in Doncaster in 2024 compared to 2023.

In 2023, the average price of a property that was agreed on a sale (i.e., sold stc) in the first 11 days of the year in Doncaster was £198,992, with an average price per square foot of £194. In 2024, the average sale agreed price was £196,215, but the average price per square foot was slightly higher at £198.

The performance of Doncaster's property market could be influenced by local economic conditions, the specific demographic profile of the area, and regional policy decisions. Factors such as developments in local employment opportunities, infrastructure projects, or changes in the local landscape compared to other parts of the UK can significantly impact market dynamics. I invite you to share your thoughts on this and leave a comment.

Looking ahead, the property market in 2024 shows promising signs. However, understanding the nuances of the local market is crucial for homeowners and landlords in Doncaster. It is not just about national trends but also how they interact with local and regional factors.

As a professional in the field, I encourage Doncaster property owners and prospective buyers to seek customized advice. Understanding the current market position of your property and how to navigate the 2024 market landscape can be pivotal in making informed decisions.

While the UK property market has had a solid start in 2024, it is essential to delve into local market conditions to grasp the opportunities and challenges. For those in Doncaster, I am here to provide expert insights and tailored guidance specific to our unique market conditions. Whether you are a homeowner looking to sell or a landlord seeking to expand or liquidate your portfolio, understanding the specifics of Doncaster's property market is crucial for making strategic decisions.

Remember, the Doncaster property market is dynamic, and what applies on a national level may not precisely mirror the local situation. As we progress through 2024, staying informed and adapting to the changing market will be crucial for success in any property transaction.

If you would like to understand your position in the Doncaster property market or have any queries about potential property sales, purchases or Buy to Let investments, please feel free to contact A Star Property Group.