November 2023 Monthly Market Report for King's Lynn

November 2023 Monthly Market Report for King's Lynn

Twinkling lights are appearing everywhere and there is a chill in the air. Christmas is definitely on its way! We expect there to be a flurry of activity in the coming months as the drop in inflation gives the mortgage market a boost. Several mortgage lenders have already cut their rates in recent weeks. 

House prices rose in the UK for the third consecutive month. According to the Nationwide House Price Index house prices grew 0.2 per cent between October and November which is an excellent sign that the property market is starting to stabilise and return to normal. 

The Boxing Day Boom is on its way. Last Boxing Day visits to Rightmove rose by 54% compared to the previous week. There were over 51 million visits between Boxing Day and the first working day of the new year. If you would like to make sure that your property is market ready in time to take advantage of this please do get in touch. We’re now booking into the new year and have availability for a couple more clients. 

Before we turn our full attention to the festivities of the season let’s take a moment to take a look at what’s been happening in the property market around King’s Lynn during November.  

There are currently 387 properties available on the market in our area. This is an increase of 58% compared to the same month last year. In October ‘23, there were 391; and in September, there were 387 properties available on the market in our area.  This is great news for buyers, as the increased amount of choice means that it is easier for buyers to find properties that match their preferences, budget, and specific requirements.

There has been a steady flow of properties coming onto the market each month. In September, there were 78; in October, there were 52; and in November, there were 64.

In November, 59 sales were agreed in King's Lynn. This is a 43.9% increase compared to the number of sales agreed in November ‘22.

Back to ‘23, in October, 52 sales were agreed; and in September, 46 sales were agreed. The property market in our area has remained buoyant and shows no sign of quietening down.    

In September, we saw 74 price reductions across King's Lynn. In October, there were 63; and in November, there were 33. The increase in October and November is likely to be due to sellers wishing to draw attention to their properties as we approach the end of the year. When properties are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months.

In September, there were 192 slow movers in King's Lynn. This is a property that has been on the market for 12 weeks or more. In October, there were 222; and in November, there were 288. 

Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be one of the top agents in the area, with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans.

In September, each property in King's Lynn had an average of 50.4 daily views on Rightmove per property. The numbers stayed steady throughout October when there were 47, and during November, when there were 50.9. 

If you’re looking for further information about the King's Lynn property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01553 670179 or email
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