minute read
As we turn the page on 2023, we naturally look to 2024 and ruminate on what this year is likely to hold for the local housing market.
Positively the year has begun with a number of confidence boosting headlines. Rightmove recently recorded a very healthy Boxing Day Bounce (the upswing in visits between before and after Christmas). In addition, the Bank of England’s November data recorded a four month high in mortgage approvals. Estate Agent Today reported, “It was just the fourth time that approvals exceeded 50,000 in 2023 but was the highest level since the previous July.”
At White & Sons we envisage this early positivity continuing in to 2024. Less volatility in the mortgage market will naturally increase competition amongst lenders and creates confidence. This prolonged period of stability will encourage many, who have put their moving plans on hold during the uncertain times of the last 12/18 month, to dip their toe into the water.
Demand has not diminished during the last 12 months, although a buyer lead market has created some instability in chains, with would be purchasers prepared to exit a transaction at the simplest hurdle. Average mortgage rates have hit a six-month low, giving new hope to buyers looking to climb on or up the property ladder, indeed a number of these are below 4%. In addition, as reported once again in Estate Agent Today, “product choice overall rose month-on-month [reporting on the start of December 2022 & January 2023], for a sixth consecutive month, to 5,899 options, the highest level of availability in more than 15 years. The last time there were more deals available was March 2008”.
Political headwinds are on the horizon though, with the impending distraction of a General Election likely during the latter half of 2024. The property market is affected by sentiment; it would be foolish of us to not anticipate this influencing activity levels temporarily.
All this being said…the appetite to own a home is still one cherished by many and our part of the world has always been an attractive place to put down roots. Our advice would be to be realistic in your expectations. Take the advice of a seasoned professional to set prices at attractive levels and be prepared to act on early interest.
Should you need any help or advice, we would be only too happy to help, contact your nearest branch.
Positively the year has begun with a number of confidence boosting headlines. Rightmove recently recorded a very healthy Boxing Day Bounce (the upswing in visits between before and after Christmas). In addition, the Bank of England’s November data recorded a four month high in mortgage approvals. Estate Agent Today reported, “It was just the fourth time that approvals exceeded 50,000 in 2023 but was the highest level since the previous July.”
At White & Sons we envisage this early positivity continuing in to 2024. Less volatility in the mortgage market will naturally increase competition amongst lenders and creates confidence. This prolonged period of stability will encourage many, who have put their moving plans on hold during the uncertain times of the last 12/18 month, to dip their toe into the water.
Demand has not diminished during the last 12 months, although a buyer lead market has created some instability in chains, with would be purchasers prepared to exit a transaction at the simplest hurdle. Average mortgage rates have hit a six-month low, giving new hope to buyers looking to climb on or up the property ladder, indeed a number of these are below 4%. In addition, as reported once again in Estate Agent Today, “product choice overall rose month-on-month [reporting on the start of December 2022 & January 2023], for a sixth consecutive month, to 5,899 options, the highest level of availability in more than 15 years. The last time there were more deals available was March 2008”.
Political headwinds are on the horizon though, with the impending distraction of a General Election likely during the latter half of 2024. The property market is affected by sentiment; it would be foolish of us to not anticipate this influencing activity levels temporarily.
All this being said…the appetite to own a home is still one cherished by many and our part of the world has always been an attractive place to put down roots. Our advice would be to be realistic in your expectations. Take the advice of a seasoned professional to set prices at attractive levels and be prepared to act on early interest.
Should you need any help or advice, we would be only too happy to help, contact your nearest branch.
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1817
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