As we step into 2024, the UK property market is undergoing changes worth noting. Buyers have become more thorough and sellers are adjusting their expectations, moving away from the optimism seen in recent years.
Hamptons' data highlights a significant shift, with 50% of homes in England and Wales selling at reduced prices in 2023, up from 32% in 2022. Buyers, capitalizing on this trend, secured an additional 1.4% discount on adjusted property prices.
Despite a consecutive three-month rise in house prices, sellers are recalibrating their strategies. Zoopla's Richard Donnell emphasises the importance of accurate pricing, recognizing that perceived value may not align with the actual worth of a property.
Buyers are in for some relief as mortgage rates ease. The average two-year fixed mortgage rate dropped from 6.86% in July to 5.66%. In the first week of 2024, buyer demand surged by 14%, particularly in London and the south-east.
Buyers have also become discerning beyond price considerations, scrutinising details like planning permissions and lease agreements.
In summary, the 2024 UK property market signals sellers' realistic expectations, increased buyer demand, and a closer look at property specifics. Keep an eye on these shifts if you're navigating the housing landscape this year.
Source: Financial Times