What will the property market bring in 2024?

Lynne-Lancaster

Whilst some experts are predicting falls of approximately 2-10% on house prices during 2024 it is also being suggested that rising incomes should help improve affordability and therefore transactions will continue.

There is speculation that the base/mortgage rates may reduce further and closer to 4% which in turn will give better flexibility on products available and the Autumn statement brought about the extension of the Mortgage Guarantee Scheme until end of June 2025 whilst also announcing investment in the build of new properties. Therefore I believe that the property market will continue to move and whilst I have said this many times before people usually move home (buy, sell or rent) because of personal circumstances which includes family, relocation, downsizing/upsizing and here at PFK we have actually seen an increase in volume of sales during 2023 against 2022 therefore I would hope that whilst the volume of transactions might remain the same or marginally higher we will continue to deliver strong prices for our customers.

Rental property remains in strong demand, and I believe this will continue into 2024 and the removal of the Freeze on Local Housing Allowance Funds announced in the Autumn statement, should give over a million households an average of approximately £800 of support for their rental costs. PFK's average tenancy lasts 3-5 years and therefore supply of new instructions are reduced whilst demand remains strong.

Since 1876, PFK Estate Agents have been helping customers sell/rent their properties and if you are looking to move we can offer you a complimentary, no-obligation Property Marketing Review.

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Friday, 12 July 2024

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PFK Estate Agency in Carlisle, Cumbria

Head Office, Agricultural Hall, Skirsgill, Penrith, CA11 0DN