2024 Property Market Predictions: The Return of a Buyer’s Market

It’s not everyday that you hear this is the year to buy a property. With the surge of 2023 interest rates, buying in the current market had never felt more out of reach. However, there may be light at the end of the tunnel. According to the telegraph, 2024 is predicted to be a year that we will be entering into a buyers market with more choice and less pressure on housing.

Rightmove representative Tim Bannister also added, “it is an easier market for buyers in prime areas”. With that said, here are our predictions for what’s in store for the property market in 2024:

Mortgage rates hit their peak in 2023 and started to dip at the tail end of the year. Banks began a slasher-thon, cutting rates in a bid to undercut one and other and win business.  For 2024 we expect this trend to continue and mortgage rates to continue to fall. Though we may not see 1-2% rates like 2020 levels, we expect rates to steadily sit at 3-4%.

It’s likely that house prices will also begin to slowly dip in 2024. It is unlikely that there will be any drastic market crashes that mirror the 2008 financial crisis but being able to knock off a few thousand pounds on the asking price will become more achievable as sellers have less choice.

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