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Top 5 Property Buying Trends for 2024

22 March 2024

Top 5 Property Buying Trends for 2024

PROPERTY PRICES

house keys property

2023 saw property prices stall due to the rapid increase in mortgage rates. This resulted in many would-be buyers putting their plans on hold and overall house prices in the UK fell by about 4 percent in 2023. 

We would certainly describe 2024 so far as a buyer’s market and the start of the year has definitely seen more market activity but it is too early to predict what will happen with house prices. There are still examples of good houses going to ‘best and final sealed bids’ due to the lack of housing stock.  

It appears that house prices have stabilised and are certainly not falling (as they did in the latter half of 2023) but it is difficult to predict if and when they will start to rise again.

SPRING! THE PRIME TIME TO BUY

Daffodils in vase on table spring

Historically Spring has always seen the greatest choice of properties on the market. It is a prime time to buy because it is a prime time to sell … the two go hand-in-hand!

With families often driving the market, Spring is traditionally the best time to sell and buy, especially if you are aiming to move house over the school Summer holidays, ready for the start of the new school year. 

GENERAL ELECTION

Happy voting election

Part of the feeling of unpredictability is definitely being driven by the uncertainty over the date of this year’s General Election. Early talk of an Autumn election certainly appears to have led to an early boost to movement in the property market and a renewed sense of optimism and confidence that was absent this time last year.

However, talk of the government not wanting it to clash with the US Presidential Election in November and of them perhaps linking it to the May local elections might stall the recovery of house prices and movement – only time will tell.

MORTGAGE & INTEREST RATES

Buckets of paint on the floor

Now in 2024, we are beginning to see rates slowly falling alongside inflation and this should ease the cost of borrowing for many. For lots of people who had been planning or wanting to move in 2023, lower mortgage rates should help them to achieve their move in the first half of 2024. 

Uncertainty has definitely been demonstrated by the small movement both up and down in mortgage rates. But there are some good deals available and we would always recommend working with a mortgage broker, who may well be able to save you money by finding mortgages which you would not be aware of. 

FIRST TIME BUYERS

Couple bought new house property

They are always an important driving force in the housing market, but the number of first-time buyers fell to a 10 year low in 2023, affected by the substantial increases in mortgage rates. This has been doubly shocking for those younger home owners who have never experienced these increases after such a long period of generally stable and historically low mortgage rates.

The government have announced plans to cut costs for first-time buyers, with a 1 percent deposit being muted amongst other incentives. The details are yet to be announced but in a bid to win over younger voters ahead of the general election, the government may also help boost movement in the housing market. Watch this space.