What will the 2024 UK property market look like?

It’s impossible to predict the future completely, so why worry? When homes sell incredibly quickly, this often leads to rapid property price inflation.

No. 3940 from our magazine|2 min read| Published in Magazine on 24 November 2023 by our Marketing Team

This article is over 2 years old

Right now, the market is stable and not growing rapidly, which makes it a good time to move. You have a little more scope for negotiation while still achieving a great price for your existing home, as it will have gained in value in recent years. With inflation falling in November by 2% to its lowest levels in two years to 4.6%* and wages rising, the market is returning to normal. The expectation is of slowly falling rates and rising property prices steadily emerging towards the end of 2024, but could this occur earlier than expected with the January rush?

Winter
Winter 2024 begins in December 2023, as many homemovers get a head start on finding a great home before January. Sellers are itching to move, having placed their homes on the market in time for scores of viewers, who create a Boxing Day home moving boom. In fact, the week of Christmas is one of the busiest times of the year.

Spring
Those who have waited to move in January will now place their homes on the market as the property market gets into full swing. Added to those who decided to take the plunge by moving into their dream homes in time for sprouting daffodils. As mortgage rates become more competitive, combined with a strong beginning in 2024 with better buyer affordability, there will be real momentum in the market.

Summer
If you have already bought your home at this point, you may have got the timing just right. In many ways, 2024 is a good year to buy and then gain the rewards of good growth in the following years. Overall, the outlook appears steady, with a lot of stability. You could be sitting pretty with a garden in full bloom and concentrating on a holiday, knowing your property plans are sorted and all you’ll need to do is make the most of enjoying the reality that was once a dream.

Autumn
This appears to be the only season of change, and perhaps we are tempting fate to look this far into the future. But if the predictions of analysts are correct, mortgage rates will start to decrease further but not return to the extreme lows of the past. As a result, property prices will start to rise more rapidly.

Your agent can transcend time
Any time is a good time to move; it’s more about you and your home. Good estate agents hold the keys to optimising your situation at any time of the year and are becoming extremely adept at the entire moving process. Today, they are armed with vast databases of homemovers that connect your home with the right buyer quickly. They can help broaden your mortgage options with the right mortgage advisor and fine-tune the value of your home, which is critical in today’s market. Finding the property that will improve your life immeasurably will help you feel awesome all the time.