Your early 2024 property market update
Understanding how the property market is evolving is crucial to making informed property decisions, especially if you’re considering a move.
Let’s take a look at how the market has been shaping up so far this year, why it is a good time to move, and how you can make the most of today’s market.
Property prices are stabilising
According to Zoopla’s house price index, property prices did not change between the end of 2023 and early 2024 and decreased by just 0.8% compared to the same period 12 months prior.* This could be indicative of the country’s economy stabilising, with the government freezing interest rates at 5.25% over this period.
As a stabilising market increases the number of affordable properties available, it becomes easier for buyers to find a reasonably priced home within their budget. It also creates a less frantic market, which paves the way for a smoother buying process, allowing buyers to secure their desired property with less pressure from competing offers.
Buyer demand has increased
The start of 2024 has seen a promising increase in buyer demand, with figures showing a 12% increase compared to 12 months ago.* This could be attributed to the re-appearance of sub-5% mortgage rates, subsequently improving buyer affordability. Similarly, there has been a 15% increase in new properties appearing on the market for sale since last year.**
One of the primary benefits of higher demand and supply is the possibility of quicker home sales as more individuals look for properties. The increasing supply also ensures that there is a wide variety of properties to choose from, making it easier for buyers to find their dream home.
Housing market activity has also increased
The overall number of agreed sales has continued to remain high in early 2024, indicating that buyers and sellers are becoming more aligned when it comes to pricing. With new sales up 13% in the past 12 months and the flow of homes listed for sale up 22%,* it is clear to see that sellers are feeling much more confident.
The alignment in pricing expectations between buyers and sellers allows for smoother negotiation processes, as both parties are likely to reach an agreement more quickly. This reduces stress for both parties and increases confidence that the price they have reached is fair.
How your agent can help
An experienced estate agent can help you benefit from stabilising property prices, improved buyer demand, and increased market activity by using their knowledge and expertise to help you take advantage of the market’s current conditions. They possess in-depth knowledge of the market and keep up to date with the latest trends, allowing them to provide valuable insights and an accurate valuation of your current property to help you make informed decisions for the future.
Ready to make your move?
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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