Reflecting upon my predictions for 2023 , I was pleased to see that the forecast that I made transpired to be fairly accurate with the market cooling in the number of buyers last year, but still achieving good value for high quality residential property.
As we finished 2023, these conditions remained very prevalent and there had been a number of beautiful homes that sold in the last 12 months at some exceptional prices. Confidence throughout the year certainly subsided with the higher interest rates, but I am pleased to see that these have now reduced with interest rates coming down and seeing much better value for money with fixed rates being available as we start 2024. The cost of running people’s personal household continues to be a concern and whilst energy bills are reducing, we still have uncertainty over the whole year. The housing market is desperately under supplied but demand remains strong, and this is what keeps the prices holding firm.
In 2024, I am expecting to see more new homes being constructed, and the release of some of the exciting development sites in the region will provide us with increasing numbers of stock which is so desperately needed.
Rental properties are becoming increasingly expensive and proposed legislation for some of the security issues for tenants have caused landlords concern and therefore, the rental market is likely to remain with low numbers of stock being provided.
The sales market will reward those houses which are well presented, cared for and maintained, especially when they are energy efficient, and we have certainly seen a lot of interest in modern quality heating systems that provide low running costs.
In 2024 we are likely to have a general election and as we run up to that election I would expect the government to do their very best to keep running costs and the economy as stable as possible, so my forecast for 2024 is that it will be very much business as usual and properties that are well situated in good areas and are well presented, will sell easily and we will still have multiple buyers for those houses.
The low profile, high quality luxury mansion house, is also continuing to be popular and for the right locations we will see once again in 2024 some exceptionally good investments into the luxury housing stock.
At Sanderson Young we are ready, willing and able, to deal with the onset of demand for 2024. My colleagues within the team at Sanderson Young are here to help you and to achieve the very best prices that we can in the most efficient and effective way, along with the most impressive marketing that we can provide to all our clients.
We’d be happy to help you move in 2024. Click here to book your free valuation.