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06 December 2023
It's that time of year again. The time of year where clients, friends, family and colleagues ask what is going to happen with the local housing market next year. So with this in mind, I thought I would share my predictions around the housing market for 2024:
Whilst I am no Mystic meg, I do have over thirty years experience selling property locally, however I should make it clear that these predictions are my own opinion and only time will tell if I am proved right.
1. Interest rates will stabilise. It has been much reported recently that inflation has started to become more controlled and therefore I predict we will see interest rates stabilise. Furthermore, with a General Election looming, I believe the Government will put pressure on the Bank of England not to raise them further.
2. House prices will NOT fall by more than a percent or two. Now, there is a bold prediction, but my thinking behind this is that if interest rates settle, inflation settles and demand for property continues much as it has the latter part of this year, then I genuinely dont see a housing "crash" that much of the media has been predicting.
3. With working from home on a part or full time basis looking set to continue for many, demand for property in our local area will continue to grow. As less people need to be within a stones throw of the City for work, the advantages of moving out this way to London homeowners will mean the migration from London buyers will continue which will fuel demand for homes of all types locally next year. Great news if selling your property is on your new year's agenda!
4. What about the rental sector? - Well, with demand massively outstripping supply for rental accommodation, I can see further increases in rent over the next twelve months, so if you are a landlord, my advice would be to keep a close eye on rental prices and look to review what you are charging your tenants regularly.
So there you have it! My four predictions around the local housing market for 2024. Do you agree, or do you think I am talking rubbish? Let's see whether time proves either of us right!
Wishing everyone of you a very Merry Christmas and a happy and healthy New Year!
Until next time,
Paul Dobbs
Sales Director.
Whilst I am no Mystic meg, I do have over thirty years experience selling property locally, however I should make it clear that these predictions are my own opinion and only time will tell if I am proved right.
1. Interest rates will stabilise. It has been much reported recently that inflation has started to become more controlled and therefore I predict we will see interest rates stabilise. Furthermore, with a General Election looming, I believe the Government will put pressure on the Bank of England not to raise them further.
2. House prices will NOT fall by more than a percent or two. Now, there is a bold prediction, but my thinking behind this is that if interest rates settle, inflation settles and demand for property continues much as it has the latter part of this year, then I genuinely dont see a housing "crash" that much of the media has been predicting.
3. With working from home on a part or full time basis looking set to continue for many, demand for property in our local area will continue to grow. As less people need to be within a stones throw of the City for work, the advantages of moving out this way to London homeowners will mean the migration from London buyers will continue which will fuel demand for homes of all types locally next year. Great news if selling your property is on your new year's agenda!
4. What about the rental sector? - Well, with demand massively outstripping supply for rental accommodation, I can see further increases in rent over the next twelve months, so if you are a landlord, my advice would be to keep a close eye on rental prices and look to review what you are charging your tenants regularly.
So there you have it! My four predictions around the local housing market for 2024. Do you agree, or do you think I am talking rubbish? Let's see whether time proves either of us right!
Wishing everyone of you a very Merry Christmas and a happy and healthy New Year!
Until next time,
Paul Dobbs
Sales Director.