Property Market and house prices in Hereford, UK: 2024 vs. 2023
The Hereford property market in 2024 experienced a noticeable cooling compared to last year. Reflecting broader trends in the UK housing sector.
The first half of the year was very busy with sensibly priced property, selling quickly. The latter part of the year, has been quieter, with most buyers seemingly coming from the NHS. Which has meant property within walking distance of the hospital has been in demand.
Real House prices have not really moved. Williams would also recommend that serious buyers contact us directly, instead of waiting for property to be reduced online before making a viewing.
Next Year:
Unless banks pass on the recent interest rate cuts, we envisage a similar market. Williams have sold property in all price ranges. So it is not the location or price that stops a property from selling. In some ways this is a good thing for experienced estate agents. Just being on Rightmove isn’t enough unless your agent is also matching buyers to your property by discussing their real requirements.
House Prices:
House prices in Hereford showed mixed changes, with a slight decline in the upper price brackets. For instance, properties that previously sold close to their listed price in 2023 are now often subject to reductions due to slower market activity. Overall, the average house price in 2024 is estimated to have decreased by around 2-3% compared to 2023, reflecting a shift towards a buyer’s market as rising interest rates impacted affordability.
Number of Sales:
Sales activity in Hereford has slowed in 2024, with fewer transactions recorded compared to 2023. This reduction is attributed to higher mortgage rates and increased caution among buyers. Across Herefordshire, data shows a decrease in new property instructions and longer times for sales to complete, suggesting that the market is less dynamic than it was in 2023.
Key Trends:
Properties with reduced prices are increasingly common in 2024, indicating challenges in attracting buyers at higher price points.
Detached homes and premium properties in rural areas have experienced the largest slowdowns, while smaller homes and flats remain relatively stable.
Average selling times have increased, with many properties taking over 90 days to sell, compared to shorter timelines in 2023.
These trends highlight a cautious and slower-moving property market in Hereford in 2024 compared to the relatively robust activity seen in 2023.
For more personal advice on marketing your property in 2025, contact Williams Estate Agents on 01432 277734 for a moving quote.