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Strong uplift in buyer demand in early 2024

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We’ve seen a strong uplift in buyer demand in early 2024. Signs of more stable market conditions this year will see an increase in buyers and sellers returning to the market with renewed confidence as interest rates stabilise and inflation heads downwards.

The Nationwide’s latest House Price Index reports that house prices begin 2024 on an upbeat note rising by 0.7% in January. The lender also reports that there has been encouraging signs for potential buyers recently with mortgage rates continuing to trend downwards and signs of easing in affordability pressures. Investors are also becoming more optimistic that the Bank of England will lower rates in the years ahead.

First time buyers are still very much in evidence and are increasingly drawing on help from family or friends or an inheritance to help raise a deposit, with nearly half relying on this way of funding – up from 27% in the mid 1990s.

Rightmove reports signs of family movers returning, many of whom had put plans on hold in 2023 and are now motivated to move. Stamp duty savings are still in place until 31 March 2025, especially helpful for first-time buyers who will be further encouraged by lower interest rates.

Record rents are also being achieved says Rightmove and is predicting average rents will rise by 5% outside of London in 2024. The trend of supply improving, and tenant demand easing continues at the start of 2024, although the market is still very busy compared to pre-pandemic levels. However, early signs suggest a better experience for many tenants trying to secure a rental property in 2024.

If you are thinking of selling or letting your property, please get in touch with our team today.

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