2024 – What a year! Budgets, elections, interest rates, inflation. A busy year for politicians, but also for Estate Agents too! So, what did we find last year in the property market?
As I am writing this, I can scarcely believe that twelve months has passed since I wrote my last annual retrospective review for this magazine – it feels more like twelve days ago than a whole year. 2024 certainly passed quickly!
As ever, we were very busy and, fortunately, we were not busy fools but busy selling and renting properties. 2023 was a successful year for Berriman Eaton, by all accounts, but last year was even better! Comparing the figures for the two years, we saw sales increase by around 15% which was not something that we necessarily predicted.
The start of the year began with interest rates being talked about constantly and the relatively high rates of interest could well have dampened market enthusiasm, but this did not materialise. Similarly, we knew that there was the possibility that an election could be called and, again, this could also have adversely affected the market. Sure enough, an election was called but, again, there was minimal effect on the market. This was almost certainly due to the fact that it was never really in any doubt as to the result of the election – it was pretty much a foregone conclusion, and the financial institutions
were prepared enough in advance to insulate the mortgage market leaving the housing market largely unscathed.
And what were our highlights of the year? There were many! One was certainly our involvement in the ‘off market’ sale of a house on the outskirts of Wolverhampton which sold for over £5 million, making it one of the most expensive homes to have ever been sold in the area. Indeed, off market sales were a strong factor in our success last year with many sellers and buyers liking the privacy of a ‘quiet’ deal.
But my favourite highlight? It was definitely the sale of our favourite local celebrities’ home in Chesterton, near Bridgnorth. Nick and Royston asked Caroline Eaton to sell their lovely house through our Bridgnorth office. The property was launched on 3rd September at £1.5 million and a sale was agreed just two weeks later! A speedy completion followed and we all wish Nick and Royston well in their new home.
Andy Roberts, one of the Directors at Berriman Eaton, heads our Lettings Department and he and his team also had a very successful year. The lettings side of the business has continued to grow, and we now have one of the biggest rental companies in the area. Lettings were up by around 15% last year and, we saw an increase in ‘off market’ lets in just the same way that off market sales flourished.
Properties were quietly let in 2024 that generated a total of around £60,000 per calendar month which is a new record for the team. 2024 also saw our work in the community
continue with over £30,000 being raised and donated to good causes throughout the area. The two fund raising highlights were a ‘Climb Up Snowdon by Sunrise’ which was an arduous task undertaken by Harry, Hannah and Olivia from our lettings team and an Abseil off the Billy Wright stand at The Molineux – a scary challenge completed by Katie and Sarah from the sales team in Tettenhall. One of the main charities that we support
is The Wolves Foundation who carry out amazing work in the area. We are proud to be able to say that we are Patrons of the Foundation and, as a result, the Directors and Associates of Berriman Eaton attended the Wolves Annual Gala Dinner, where we learned more about the fabulous work that the Foundation carries out. It was an enjoyable evening and a nice way to end the year!
In all, 2024 was a good year for the market, and Berriman Eaton, in both Sales and Lettings and long may this continue! The year ended with a busy December and the signs are that this will continue well into 2025. As ever, if you need any advice on the market, please do not hesitate to give us a call for proper, professional advice.
