This year, on the back of wider economic uncertainty in 2023, and sensationalist media reports about market crashes, it’s prudent for property owners to consider whether 2024 is a good year to sell. Here we look at why 2024 presents excellent opportunities for sellers, and how you can make the best decisions for your property sale this year.
UK and East Anglia housing market resilience
Despite media reports anticipating a house market crash for most of 2023, it is fair to say that it didn’t quite come to fruition. Unquestionably, the rise in mortgage rates, the stubbornness of inflation and the cost-of-living crisis all factored into the spending habits of consumers in the housing market which resulted in an unsettled and often sluggish 2023. Without any clear indication on mortgage interest rate trends from one month to the next, buyers and sellers struggled to ascertain whether accepting an offer, or even coming to market, was the right decision. While on the face of it prices held up better than expected, it was clear that the vast majority of properties going under offer over the past 12 months have been those which have been appropriately priced in the first instance to stand out against considerable competition, often at a level which was more subdued than some sellers had hoped.
It is important to consider that any changes to market prices are all relative in the event that another property is being purchased at the same time that one is being sold. Predicting market trends is notoriously challenging, highlighted in recent years by the unexpected post covid property market boom. As the old adage goes, its not timing the market but rather time in the market which counts.
History has thus far suggested that the UK property market is particularly resilient. There remains a shortage of properties which pushes up demand. Furthermore, mortgage providers have been reassured by interest rates holding steady over the past few months. Indeed, an increasing number of forecasters believe that interest rates have reached their peak and will start to come down. This means that mortgage providers are gaining confidence in offering more favourable deals than during 2023. Indeed, some big names, such as Barclays, Hallifax and HSBC, have already reduced borrowing rates which we anticipate will reflect in consumer confidence over the months ahead.
Also, don’t get too caught up in house price fluctuations in the short term. The long-term picture shows that bricks and mortar remain safe investments. What really matters is what’s achievable with your property in the context of what you paid for it and any money you’ve spent on it.
A realistic approach to selling property in 2024
All of the above factors bode well for those looking to sell their property in 2024. However, the reality is that the housing market is broadly in favour of buyers as we embark on 2024. This means that sellers need to be strategic and have strong support in their camp. There are excellent opportunities to sell and achieve a fair price, but this is dependent on competitive pricing and awareness that the process may take slightly longer than in years like 2021 and 2022. With a competitive price, you’ll attract buyers and secure a sale that holds through to completion.
Also bear in mind that a General Election is likely this year, and this may apply a period of reserved anticipation to the housing market whilst buyers and sellers prepare themselves for possible new housing market interventions.
What does this mean for you as an individual?
Despite wider trends, we still assert that buying and selling remain highly personal decisions. A good time to sell is typically characterised by personal factors such as financial situations, family changes, job locations and more.
In order to succeed as a seller in 2024, you need the right expert support. At David Burr, we help you navigate your local market and achieve the best price with the least stress. We’ve been your local experts since 1995, and nearly 30 years later, we’re still achieving exceptional results for our clients.