As an experienced estate agent, I’ve seen many market shifts, but 2024 presents its own unique challenges and opportunities. This year’s property market is shaped by high prices, fluctuating interest rates, and changing buyer preferences. For both buyers and sellers, understanding these trends is essential.
Rising House Prices and Low Supply
The ongoing housing shortage continues to drive up prices, particularly in cities and popular suburbs. New-builds remain limited due to high material and labour costs, putting pressure on the resale market. First-time buyers, in particular, are finding it tough, with many needing government schemes or looking further afield for affordable options.
Interest Rates and Mortgage Challenges
Mortgage rates have been volatile in 2024, affecting buyer affordability. Though rates are not at historic highs, they are still significantly higher than in recent years, pushing buyers to secure deals quickly or consider longer fixed-rate terms to ensure financial stability.
Flexible mortgage options are becoming more common, and it’s vital for buyers to consult with mortgage advisors to find the best deals in this unpredictable environment.
Changing Buyer Preferences
Buyers’ priorities have shifted, particularly since the rise of remote working. Many now seek flexible living spaces, such as homes with offices or multipurpose rooms. Additionally, energy-efficient properties are in high demand as energy costs rise, with buyers paying close attention to a home’s EPC (Energy Performance Certificate) rating.
Advice for Buyers and Sellers
- For Buyers: Be prepared to move quickly in this competitive market. Get your finances in order and seek expert mortgage advice. If you’re flexible with location, consider suburban or rural areas where prices may be lower.
- For Sellers: It’s still a seller’s market, but pricing your property correctly is key. Homes that are well-maintained and energy-efficient are particularly attractive to buyers in 2024.
Final Thoughts
The 2024 property market is challenging, but opportunities remain for both buyers and sellers. By staying informed and working with a knowledgeable estate agent, you can navigate the current market successfully and make the most of the opportunities it offers. Whether buying or selling, expert guidance is crucial in this evolving landscape.
