15 Jan What to expect for house prices in 2024
What can we expect for house prices this year? This is a question we’ve been asked a lot recently. Here in Colnbrook, much like other regions, looking back on 2023 we saw an unexpected resilience. Despite bold news headlines of crashes and initial concerns, now a year ago, asking prices experienced a more modest decline than predicted, and buyer demand remained robust. However, challenges such as rising mortgage and interest rates impacted the affordability of many potential homebuyers, with many now looking to re-enter the market this year as mortgage rates begin to drop.
If you’re looking for a property to buy in Slough and the surrounding area, make sure you give the leading estate and lettings agents in Colnbrook a call on 01753 683000 or email us and we’ll help you find your next place to call home.
In this blog, we’ll explore the 2024 forecast by Rightmove. From expected price shifts to mortgage market dynamics, let’s look at key insights for both buyers and sellers for navigating the year ahead.
Forecast for 2024 – Rightmove predicts a modest 1% fall in new seller asking prices nationally by the end of 2024 (predicted 2% in 2023, and ended the year on 1.1%). The underlying demand at the right price is expected to prevent a more significant drop. The impact of price changes will vary across different regions, with some experiencing flat or slightly increased prices. For example, sellers in areas with fewer homes for sale may face more competitive pricing, especially if targeting affordability-stretched buyers.
Pricing Strategies for Sellers – Homes with a competitive price have seen quicker sales in the last few months. The average time to find a buyer increased from 45 to 66 days and those that priced more competitively moved quicker. The importance of starting with a competitive price is key to maximise on the initial impact and increase the likelihood of a successful sale. This is why it is crucial to work with us to price your property correctly when entering the market. If you are thinking of selling but you’re unsure of what your property is worth, you can request a free market appraisal of your property via our website here, or call our team on 01753 683000, we’ll be happy to help.
Mortgage Market Dynamics – Average mortgage rates have steadily fallen since July, providing more stability for home-movers. The average two-year fixed rate is now 5.10%, and the five-year rate is 4.79%, contributing to a calmer mortgage market. While mortgage rates are higher than recent historic lows, the Bank of England Base Rate is expected to remain elevated in 2024, limiting some home-buyers’ spending power.
Increased Choice for Buyers – Buyers entering the market in 2024 will benefit from a greater choice of homes compared to the stock-starved Covid years. With more options out there, sellers who price competitively will attract the attention of potential buyers faster.
Advice for Prospective Movers in 2024 – If you’ve made a new year’s resolution to move this year, it’s a resolution worth keeping! If you are looking to sell your home, work with us to set a competitive initial price, we have access to data across the area and can help guide you with pricing. If you are looking to buy, we will encourage you to use mortgage calculators to understand borrowing capacity. You should also consider applying for a Mortgage in Principle for a personalised result, and to position yourself as a desirable buyer. Exploring different types of mortgages and choosing a suitable mortgage term based on current and future needs is crucial. By putting the wheels in motion now, you could be looking at moving at the most desirable time of year, spring.
Whether you’re purchasing or selling your first home or your tenth, staying informed and adopting strategic approaches will be key. We advise staying up-to-date with market trends, comparing available options, and making the most of resources to secure the best possible mortgage deal for your future home.
The transition to a new home is an exciting yet busy time, and we’re here to ensure a seamless experience by providing comprehensive assistance all under one roof.
Contact Us
If you would like to speak to someone about your property, or if you are considering buying a property, for yourself or to let or you’re in need of finding rental property, we are the leading independent estate agents in Colnbrook. So, contact us on 01753 683000 or email us. You can also follow us on Facebook, LinkedIn and Instagram.