2024 Property Market Predictions

As regular readers of my column will know, I like to stay one step ahead of everything that is going on in the world of property. And today’s thoughts are no exception. Rather than wait until we actually start 2024 and before everyone piles in with their New Year predictions and the odd tale of woe, I wanted to take the opportunity to update you on my own property market predictions and what is potentially going happen as we head into 2024.

Property Market

Most importantly don’t believe the hype. There is no Armageddon on the horizon as I have been consistently saying throughout the year. What we have seen is a few years of rip roaring increases, which then became somewhat subdued quite quickly over a matters of months. We effectively went from fiery jalapeno to a plain vanilla custard – in other words the Yorkshire market is just steady away and a flat line. No one that I am speaking with is sensing that we are going to see any dramatic increases in property values, nor major decreases into 2024. Like good old fashioned custard, you know what you are getting, which in light of everything going on in the world is actually no bad thing.

The reason that I feel we are not going to see any dramas, is that the Government want and need ‘feel good factor’ with the General Election on the horizon. Personally I feel this will be called in September. Therefore if you are looking to buy or sell, then the clear window of opportunity is from early January through until July. We will then hit the summer holiday buffers and the media will start whipping everyone up into a frenzy for the election, thus the property market will go quiet.

Mortgage Rates

With significant increases on The Bank of England base rate over the last two years, I feel that this has now peaked. Major mortgage lenders are beginning to drop their headline rates and the mortgage market is starting to gently open up again. It is highly unlikely we will see the ultra-cheap lending rates ever again, however with any decrease in base rate (however small) in 2024, we will see more competition in the mortgage markets.

Pricing Your Home

The property market continues to be highly price sensitive and over price your home at your peril. Vendors can sometimes push their luck or be hoodwinked by agents granting them the earth. All this does is delay your move and you often walk away with less, as you have had to drop your price later down the line. The best advice I can give is to quote an ‘on the fence’ price to encourage viewings. The more quality viewings you receive, the more likely you will have conversations about offers. Remember to also look at your overall transaction and to always bear in mind that prices are relative. If your home goes up in value, so does the one you wish to buy and vice versa.

Agents vs Online Portals

I have always said that agents need to move gently away from the major property portals and some of the key players are starting to do this. 2024 is going to be the year of agent engagement, where those going back to the old school estate agent basics of talking with buyers and sellers are going to win. Afterall the web portals are anonymous and property is a people business.

So there we have it, 2024 is going to be steady and predictable just like custard. The only drama is going to be, where did I put my spoon?