Ross D'Aniello looks forward at the 2024 and the Importance of the 'Whisper List' in Worcestershire Property Market

In a recent interview, Ross D'Aniello, a founding Director of Chartwell Noble, shared valuable insights into the trends and dynamics expected to shape the Worcestershire property market in 2024. With over 50 years of collective experience, Ross, Stuart Bass & George Pickard - the directors at Chartwell Noble, Worcestershire's newest estate agency - offer a depth of knowledge and understanding that's invaluable to both buyers and sellers in the region.

2023's Market Resilience Setting the Stage for 2024

Reflecting on the past year, Ross highlighted the 17% increase in new sales, a testament to the resilience and growth of the Worcestershire property market. "This growth is indicative of the balance we’ve achieved between supply and demand," Ross noted, citing data from Zoopla.

He emphasised the importance of understanding these dynamics, especially in a market where both rural and urban properties are in demand.

The 2024 Outlook: Momentum with a Touch of Caution

Looking towards 2024, Ross anticipates a continuation of this positive trend, though he also points out potential challenges. "We expect steady sales momentum, but we must also be mindful of the ongoing affordability challenges, particularly for first-time buyers," he said, aligning with industry insights regarding mortgage rates and buyer affordability.

"The high-end and country market remains strong provided that homeowner expectations are realistic on pricing. Pricing too high, or indeed too low, will result in either in no sale, or worse, a sale below market value."

Various sources have pointed to prices reducing further in 2024, with some suggesting further adjustment down by around 4%; "We're not concerned by this. Those who have had an eye on the market in the past year have noticed that prices have been far too high, and properties haven't been selling."

Ross reminds us that there is a huge difference between an 'Asking Price' and a 'Sold Price'. "When we look back in 12 months time at the Land Registry data on Sold Prices, it is likely we will notice a more consitent picture; the noticeable adjustments will be in what properties are marketed for."  

The emphasis lies on agents acting responsibly and providing quality advice to the clients that is not simply designed to win the business, but provide the client with an accurate assessment of the market so that they can make an informed decision.  Agents must manage their clients expectations properly to ensure that their best interests are protected.

Navigating Mortgage Trends and Market Equilibrium

Ross delved into the anticipated mortgage trends for 2024, noting a potential softening in fixed-rate mortgages and a cautious reduction in rates. "Signs point to the fact that it’s likely that we’ll see a downward adjustment to around 4.5% in the latter half of the year," he suggested, indicating an improvement in housing affordability as the year progresses. "Our mortgage partners are anticipating a strong year, contrasting with the turbulence of 2023.  This will increase buyer confidence and mobility."

Expertise and the 'Whisper List' – A Unique Advantage

Emphasising the importance of expertise in navigating these market dynamics, Ross spoke about Chartwell Noble’s unique approach: "Our combined 50 years of experience in Worcestershire's property market uniquely positions us. Moreover, our 'Whisper List' is a vital tool for those looking for off-market or pre-market properties. It keeps our both buyers and sellers informed and ahead in a competitive market," Ross explained.

This exclusive service by Chartwell Noble provides those in the market with early access to properties before they hit the open market, ensuring they don't miss out on potentially perfect matches.

Closing Thoughts

Ross concluded with optimism for the Worcestershire property market in 2024, reiterating Chartwell Noble's commitment to leveraging market dynamics through innovation and integrity. "Our focus remains on providing outstanding customer service and accurate market insights. We invite anyone considering a move in Worcestershire to benefit from our expertise and the unique advantages offered through services like our 'Whisper List'," he said.

"Above all, pick the agent who you trust to give you the right advice, not just the highest price.  Selling a house can be a long journey, fraught with challenges.  Pick your guide carefully!"

For those interested in the Worcestershire property market, or in being part of Chartwell Noble's 'Whisper List', Ross and his team at Chartwell Noble offer a wealth of knowledge and an innovative approach, ensuring clients have the best possible support in their property journey.

To learn more about our "Whisper List" and how it can help you get ahead of the market, CLICK HERE

Get in touch with Ross, Stuart or George on 01905 96 99 98 or email enquiries@chartwellnoble.co.uk