How is the property market faring so far this year?

11 June 2024

If the first two months of the year are anything to go by, 2024 should overall be a more stable year for the property market.

House prices picking up

In February, house prices rose 1.2% year-on-year to £260,420 [1], after taking seasonal effects into account. This marks the first annual increase since January 2023, which is likely due to improved mortgage affordability giving a boost to buyer confidence. Whilst this uptick is positive, prices were still 3% lower than the record highs we saw in the summer of 2022.

Buyers and sellers returning

Seller and buyer activity is also on the rise – at the start of 2024, 7% more properties came onto the market than last year, and buyer enquiries increased by the same amount [2]. As a result of this elevated activity, there was a 16% increase in the number of agreed sales, when compared with the same period in 2023. Zoopla estimates that, by the end of 2024, the total number of transactions will be up 10% year-on-year.

Cautiously optimistic

It’s safe to say that, while there are signs of improvement, it will be a long road to recovery for the UK. Despite buyers returning to the property market, they are still moving tentatively – at the start of the year, it took two weeks longer for homes to find a buyer than in 2023. Robert Gardner, the Chief Economist at Nationwide, reflected, “While the squeeze on household budgets is easing, with wage growth now outstripping inflation by a healthy margin, it will take time to make up for the ground lost over the past few years, especially given consumer confidence remains fragile.”

Here to help

We can help you navigate the changing property market with confidence. If you’re thinking of buying or selling this year, get in touch today.

[1] Nationwide, 2024,

[2] Rightmove, 2024

 

🚨 Data accurate as of the date of publication – 11.06.2024

🚨Information within this blog is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.

🚨Think carefully before securing debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage.

🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.

 

Source: Quilter Financial Planning – Essentially Mortgages Q2 2024

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