As we step into a new year, it’s time to cast our eyes to the horizon and think of what’s in store for the property market in 2024. Although we don’t have a crystal ball, we can certainly see the way the wind is blowing, and the property market already seems poised for some exciting, positive changes.
The first sign that things are looking up in 2024 is the report this week that HSBC are leading the way in the rate-cutting drive with mortgage deals below 4%. It’s the first time in six months that rates have been this low from a leading moneylender. “We’re in for a year of optimism. The mortgage market is becoming more competitive again, which should bring more buyers into the market,” says Josh McHugh, Director of our North Swindon branch. “There are noises of the base rate coming down a couple of times, and I think it’ll be a strong run and transactions level should remain pretty stable along with prices.”
“We’re in for a year of optimism. The mortgage market is becoming more competitive again, which should bring more buyers into the market.”
This positive news also brings with it the report that house prices are forecast to rebound with a rise of 5% this year after a slight pricing slump in 2023. According to property economist at Capital Economics, Andrew Wishart, another year of declining house prices can be “avoided altogether” as the economy steadily improves over the coming months. This comes after the consumer price inflation continues to drop after a dip down to 3.9% in November, giving buyers more chance to borrow and first-time-buyers a far better chance of securing their first property.
“January has started really positively with plenty of enquiries from buyers as well as sellers,” says McHugh. “The government will do everything they can to showcase a positive economic outlook running up to the general election, and boosting the property market will be one of the ways this happens.”
But it’s not just economic progression, technological advances seem to be rapidly transforming the property market landscape too. We already saw big advances in 2023 and expect more virtual property tours, blockchain-based transactions, and streamlined processes. PropTech will simplify property transactions and provide new opportunities for investors and homebuyers.
With things already starting to look brighter for the property market, we’re sure 2024 will be a prosperous year for sellers and buyers alike. So, as we enter this exciting new chapter, let’s look forward to a year filled with opportunities and endless possibilities in the world of real estate.