A Guide to the Property Market 2024

Property market 2024

The real estate market is an ever-evolving landscape, and as we step into 2024, the burning questions on everyone’s mind revolve around property prices. Should you buy now, or wait for a potential dip? Is it the right time to sell? To shed light on these queries, we delve into the intricacies of the market, breaking down complex topics into simple terms to guide you through the decision-making process.

Will property prices fall in 2024?

The housing market in 2023 surpassed many expectations, with asking prices showing resilience and a robust demand for well-priced homes. However, rising mortgage and interest rates have posed challenges to the affordability of aspiring homeowners. Currently, the average asking price stands just above £355,000.

How much is my property worth?

Predicting the future is no crystal ball affair, but our forecast for 2024 suggests a modest 1% decrease in new seller asking prices on a national scale. This prediction stems from a return to more normalised market activity and increased competition among sellers.

In areas with fewer homes for sale, the impact may be less pronounced, potentially leading to flat or slightly increased asking prices. On the flip side, competitive pricing may be the name of the game in areas where sellers are vying for attention.

Are property prices falling?

The average time for a seller to find a buyer has increased from 45 to 66 days in the past year. Sellers who set competitive prices have fared better, with 39% of properties experiencing asking price reductions during marketing. In a market where timing is crucial, finding the right balance is key for sellers.

Our research emphasises the importance of starting with a competitive price rather than starting high and later reducing. Initial pricing maximises impact and significantly increases the likelihood of a successful sale.

Should I sell my house now?

As we navigate through 2024, the market suggests that new sellers need to compete strategically. With the level of sales being 10% lower than in 2019, it’s evident that the landscape has changed. Sellers should collaborate with their estate agents to set competitive prices, aligning with market demands for a quicker and more successful sale.

What’s happening with mortgage rates?

While average mortgage rates have seen a steady decline since July, affordability remains a concern for many home-buyers. The average two-year fixed rate stands at 5.48%, and the five-year rate at 5.07%. Though the mortgage market is calmer, the Bank of England suggests that Base Rate cuts are not imminent, maintaining elevated interest rates throughout 2024.

More choice for home-buyers in 2024

For buyers entering the market in 2024, a silver lining emerges with an increased choice of homes for sale. The market dynamics favour buyers who can negotiate on price and take the time to choose a home that suits their needs. However, sellers must remain competitive in pricing to attract attention in a market with more choices and fewer buyers.

As we traverse the landscape of the 2024 property market, the key lies in informed decision-making. While our forecast suggests a modest dip in asking prices, the intricacies of local markets will play a pivotal role. Sellers should be strategic in their pricing, and buyers have the opportunity to negotiate in a market with more choices.

Utilise online resources like Rightmove and Zoopla for up-to-date information, and, if you’re contemplating a move, consider the current mortgage rates and their implications on your affordability. The property market, ever dynamic, requires a nuanced approach, and staying informed is your best ally in making decisions that align with your goals. Whether you’re looking to buy or sell, 2024 offers a landscape of opportunities for those who navigate it wisely.

Selling a house?

Whether you are a first-time buyer or taking the next step up the property ladder. You need a Purchase Conveyancing Quote

Buying a house?

Time to move on? Start the conveyancing process to sell your property ready to begin your next chapter. You need a Sale Conveyancing Quote

Buying and selling?

When you are ready to sell your current property and purchase a new one. You need a Sale and Purchase Conveyancing Quote

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