What will happen in 2024?

Wed 31 Jan 2024

A beam of optimism has brightened the beginning of the year, fuelled by encouraging headlines. Notably, Rightmove captured a robust Boxing Day Bounce, signalling a notable surge in visits before and after Christmas. Furthermore, the Bank of England's November data disclosed a four-month high in mortgage approvals. Estate Agent Today reported, “It was just the fourth time that approvals exceeded 50,000 in 2023 but was the highest level since the previous July.”

At John Cottis & Company, we foresee this initial wave of positivity extending its reach throughout 2024. A more stable mortgage market creates an environment of heightened competition among lenders, fostering confidence. This extended period of equilibrium is poised to embolden those who had previously deferred their moving plans amid the uncertainties of the past 12 to 18 months.

Until recent a buyer-led environment has introduced some instability in chains, characterised by potential purchasers withdrawing at the slightest hiccup, the overall landscape is evolving favourably. Average mortgage rates have descended to a six-month low, providing renewed optimism for those aspiring to ascend the property ladder, with some rates dipping below the 4% mark.

The General Election in the latter half of 2024 is likely to cause a distraction and it would be prudent for all stakeholders to brace for a temporary fluctuation in activity levels during this period.

Our region has always been an alluring destination to establish roots. The desire to own a home remains a cherished dream for many and hopefully 2024 will make that dream a reality for them. As seasoned professionals we value and set prices judiciously. In navigating the undulating currents of 2024, a pragmatic approach will undoubtedly be the key to unlocking the door to a successful property journey.

We would love to help you with your property move. For any information pop in to the office or call on 01375 676655