Looking ahead to the future is vital in the property industry for long-term success. We caught up with some of our group members to find out what they have been experiencing in their areas so far this year, and how they expect the market to perform for the rest of 2024.
A positive start for the property industry in Yorkshire
Operations Director at Yorkshire-based Preston Baker, SJ Taylor, said: “I am cautiously optimistic about 2024. The early signs are good, sellers and buyers are showing great intent alongside an ability to list and buy.”
But she outlined how political uncertainty could affect the industry: “We know with an impending general election, promises directly related to the property market and cost of living, the market could be heavily influenced.
“The media also loves a property-related story, so depending on the stats they use and their angle, the market could be affected.
“My honest view – and I appreciate this sounds like I am sat on the fence – is that it depends. Left to its own devices, the housing market will tick along nicely. But any interference will have an impact.”
In Harrogate and the North Yorkshire area, the market continues to grow.
“While other parts of Yorkshire may struggle, Harrogate’s residential market is booming, with record sales and a thriving rental sector driven by high demand for quality accommodation.” says Gemma Myring, Director of Myrings Estate Agents.
She adds: “Falling mortgage rates and inflation, and the appeal of Harrogate’s unique charm and amenities, has led to major housebuilders and smaller developers actively building – with a 1,000-home project in Knaresborough being approved recently.
“Spring’s arrival is set to further invigorate the market. And the vibrant cafe, bar, and restaurant scene adds to the positive outlook, suggesting a promising year ahead for Harrogate’s property market.”
Mortgage rates are affecting the Manchester market
Julie Twist, Managing Director of Julie Twist Properties, said: “With mortgage rates stabilising, buyers are taking a more proactive approach to their property searches, resulting in a rise in strong offers being accepted.”
Julie is hopeful for the year ahead, adding: “There’s optimism for potential interest rate decreases this year, which could provide a further boost to the property market.”
But she says Manchester “faces a long-standing issue with fire safety concerns in properties…Progress is being made to resolve these issues, which is expected to increase the number of properties available for sale.”
Stoke-on-Trent has also had a strong beginning to the year
James Du Pavey, Managing Director from James Du Pavey Independent Estate Agents, said: “It’s been a busy start to the year with instructions and sales agreed, and a similar trend into February. Listings have been high, with motivated sellers pricing their homes competitively to sell.”
He continued: “Decreased mortgage rates since the turn of the year has led to a significant upturn in buyer activity – and a predicted decline in interest rates towards the summer months will support the market and look to maintain activity levels.”
On the future, James said: “A predicted decline in interest rates towards the summer months will support the market and look to maintain activity levels. We don’t expect to see much of a change in house prices this year.
“It seems that 2024 is looking to be a steady year with houses that are priced well selling quickly to a strong pool of buyers.”
How the Capital’s market is significantly stronger than 2023
In London, the property market is booming. Anna Takou, Sales Manager from Location Location, said:“We have seen a 70% uplift in transaction numbers in January 2024 compared to 2023. We feel this is a result of the base being frozen twice and more confidence coming back to the market.
“We listed 17 properties over the Christmas period, which all resulted in a successful sale and an average of 3-4% over the asking price achieved.”
On property pricing, Anna said: “The level of price reductions in Hackney compared to last year isn’t too dissimilar. This indicates that well-priced properties are crucial in securing a successful sale in the current market.”
“I feel confidence will continue to grow within the market this year and I think once there is even a small reduction in the base rate this will create a lot of demand for homes, which will encourage higher prices.”
The Spring market is picking up in Kent
“After a rather slow start to the year, the general mood is improving and the spring market feels firmly underway.” said Deborah Richards, Managing Partner at Maddison Residential. “Our valuation diary is extremely busy. It appears that sellers who went to ground at the end of last year have recommitted to their property sale and are keen to get going.”
Deborah commented that “the steady influx of buyers to the market is allowing for more confident pricing strategies to come into play. Buyers in a strong position remain the most favourable.” she continued “But with interest rates coming down and a good array of mortgage offers, sellers’ confidence is rising.”
Maddisons Residential are hopeful for the year, having recruited new colleagues. Deborah added: “We remain full as a team and have brought on two new members this year already. We are anticipating a busy time ahead but we are listening out for changes in temperament as and when the general election is called.”
How our groups could help you thrive
In an industry that ebbs and flows as much as ours, it’s important to understand what the key trends of 2024 could be, and how to react to any sudden changes. Although the year has started healthily, with speedy transactions at good prices, there are multiple factors that could affect this as the year goes on and it’s vital to stay ahead of the game.
Our Groups are here to help property professionals navigate the ever-changing landscape of the market. Members all come from non-competing agencies to create an environment where they can share both their successes and challenges – not only discussing important topics, but sharing best practices to be the best agents they can be.
If you would like to be part of a supportive group of industry professionals, register your interest by emailing Suzie at suzie@propertyacademy.co.uk