What is really happening in the East Midlands housing market
We see so many comments about what is happening in the housing market, very often these reviews and comments are made based on a national overview or information that is from a previous quarter due to the time it takes to update Land Registry data.

So, what is really happening in the housing market in the East Midlands and what can we expect to see for the remainder of 2024?
Firstly we are seeing a market that follows cycles in line with pre-Covid. A typical housing market pre-Covid followed very clear trends, you would see the first quarter of any year start very strong with new instructions coming to the market, this would continue through the second quarter until the end of December. Historically you would see a slowdown in activity in August which aligns with the UK’s school holiday period. September through to November normally sees properties coming to the market remaining strong with a slowdown again in December; so far in 2024 this pattern is being seen in our area and we expect 2024 to follow the traditional trend for the remainder of the year.
New Instructions for Pygott & Crone are averaging 150 properties per month, this is a 2.5% increase on 2023 and we expect this to continue for the remainder of 2024. Available housing stock has increased back to 2020 levels. To give this some context in January 2022 available stock levels dropped by over 60% which obviously was one of the factors contributing to property price increases that year, since this period stock has continued to grow back to normal levels.
Available stock is always interesting, again in the first half of 2023 prices were continuing to increase and supply & demand fuelled a very robust market. The second half of 2023 saw mortgage rate increases and a slowing down of activity as the market tried to adjust to a significant mortgage rate increase. This period also experienced more price reductions as sellers tried to attract potential buyers. Moving into 2024, despite national views varying on what would happen to prices, the East Midlands has stabilised and – providing sellers’ market their property at accurate prices – sales transactions are at a very good level.
Is now a good time to sell a property?
So, we know that there is more available choice for potential buyers, and we have higher interest rates than experienced in the last 5 years, these two factors would suggest the market should slow down in terms of sales transactions. The consumer has come to terms with mortgage rates and accepted that a rate of between 4-5% is the norm and that we have experienced remarkably low borrowing rates over the last 5 years. Obviously, the rates do affect affordability especially in the First Time Buyer market.
The market has adjusted and in fact sales transactions are up at Pygott & Crone by 23%. It has proven that accurate pricing and good marketing advice will achieve a sale.
Buyer registrations remain positive, and we have nearly 2000 potential buyers registered across our branches at any given time, obviously these consumers are at different stages of their journey.
What are the biggest challenges for sellers?
Probably the biggest challenge for sellers is presenting their property correctly to the market, there are several factors that are key to a successful sale.
Firstly, the property must be priced correctly, this doesn’t mean it has to be the cheapest house of its type on the market, however it does need to consider what is an accurate price to achieve based on comparable properties, condition, location and factors such as amenities, schools and travel etc.
It is proven that a property that starts off with poor marketing relating to price and presentation does not sell as well, I’m a big believer in the phrase “you have one chance to create the right first impression”.
There are also properties that achieve a premium because of all the positives and location can play a big part in this.
So, obtaining accurate advice to achieve your objective is critical, choose an Estate Agent who you believe can assist you through the whole process of buying and selling.
What are the biggest challenges for buyers?
The biggest challenge for buyers is probably getting the right advice regarding Mortgages, or being made aware of suitable properties to consider. Unbelievably some agents do not retain client data or advise potential buyers of suitable properties.
If you are selling and buying on this can appear daunting, however my experience is that with careful guidance this usually works out. There may be some frustrations along the way but again having a good agent alongside to support you really helps.
The legal process
The most difficult challenge to buyers and sellers – well in fact everyone – is the legal process. Over recent years we have managed to make this process more difficult, it can now take 16 weeks to complete on a property transaction, we have very little control over this… I could go into a rant over my thoughts on this but we have to work with the system we have!
It is very important that you have a proactive solicitor and good support through the legal process, nearly one in three property transactions fall through. It is vital that once a sale is agreed all the due diligence regarding the chain involved, finances etc. are carried out correctly, and that you have a proactive agent guiding you.
Is property still a good investment?
Property Investment isn’t for everyone; however the residential lettings market remains very strong, again supply and demand ensure rental returns remain high. On average we receive 5 applications for every available property. Whilst I appreciate taxation changed for landlords, the increases in rents have offset this. For example, two years ago a 3 bedroomed semi detached property in Lincoln would have been £750-800 per calendar month and the same property today would achieve circa £1100 pcm.
Being a landlord can be a complicated process and with all the current legislation and continued amendments it is good advice to use a trusted ARLA Qualified managing agent.
Summary
Here at Pygott & Crone we feel the remaining 4 months of 2024 will see a strong housing market for sales transactions:
- The average sale price for the areas we cover is currently £286,000; the market is slower relating to properties over £500,000 unless they have land.
- Transaction completion times will remain at circa 16 weeks from sale to completion where there is a chain involved.
- House prices will remain stable over the remainder of 2024 in our area and may even see a slight growth.
- We have seen a 5-year fixed rate mortgage drop below 4% subject to a significant deposit, some lenders are reducing rates to circa 3.81% but this does have an arrangement fee.
- As we write the lowest remortgage rate is 3.92% with no fee.
- We have seen a significant increase in clients looking at a shorter-term plan such as a 2 year fixed with rates having reduced from over 5% to circa 4.12% with a £999 arrangement fee.
Anyone who requires advice on any aspect of moving home is always welcome to talk to one of our team or even call into our local offices for advice.
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