For many house buyers, the UK property market can seem like a constantly changing landscape. Take a look here to see the process of buying a house and how we can help you.
With Brexit, COVID-19 and other global events impacting the market recently, it can be difficult to predict what’s next. However, it’s never too early to start considering what could be in store for the future of property in the UK. In this post, we’ll explore some of the key predictions for the property market in 2024 and what they could mean for you as a buyer.
Rising House Prices
It’s no secret that UK house prices have been steadily increasing over the years, and this is likely to continue in 2024. According to a recent report by Savills, house prices are predicted to rise by an average of 21.1% across the UK over the next 5 years, with the highest growth expected in the North West and Yorkshire. This means that buyers will need to be prepared to pay more for their dream home and may need to reconsider their budget to avoid being priced out of the market.
Increased Demand for Rural Properties
Another trend that’s likely to continue is the growing popularity of rural living. With more people working from home and desiring more space and outdoor access, rural properties are becoming more sought after. In fact, the same Savills report predicts that properties in certain areas of the country, such as the Cotswolds and the Highlands, could see up to 30% growth in value by 2024. However, this increased demand could mean competition for properties, so buyers may need to act fast.
More Focus on Sustainable Living
As environmental concerns become more urgent, we can expect to see a greater emphasis on sustainability in the property market. This could mean that properties with energy-efficient features, such as solar panels and insulation, could become more valuable. Additionally, properties with access to green spaces and sustainable transportation options, such as electric car charging stations, could also see increased demand.
Continued Impact Of Technology
Technology has already had a significant impact on the property market, with virtual tours and online viewings becoming more common during the pandemic. In 2024, we can expect to see even more technology being used to buy and sell properties, including augmented reality tours and AI-powered property search engines.
However, while technology can make the buying process more convenient, it’s important to remember that a physical viewing is still essential before making a purchase.
Potential Changes To Government Policies
Finally, it’s important to consider the impact that government policies could have on the property market in 2024. For example, changes to stamp duty or mortgage rates could significantly affect buyer behaviour and the overall health of the market. A Moving Buddies mortgage advisor will give you advice on affordability when house buying, what amount you are likely to get and if there are any potential problems in your finances that you might need to address.
Additionally, if the government implements policies to encourage sustainable living or support first-time buyers, this could create new opportunities and challenges for buyers.
Moving Buddies Say:
Overall, it’s clear that the property market in the UK is likely to continue evolving over the next few years. While there are many trends to consider, including rising house prices, increased demand for rural properties, a focus on sustainability, the impact of technology, and potential changes to government policies, each buyer’s experience will be unique.
By keeping these predictions in mind and working with a trusted real estate agent, you can stay ahead of the curve and make informed decisions about your next property purchase.