Exploring Property Trends in 2024: What Buyers and Sellers Should Know:

Well into mid-2024, both potential buyers and sellers are navigating a dynamic property landscape. If you're considering a move or an investment, understanding the current market trends is crucial. Here's a breakdown of key factors to keep in mind:

Demand for Properties:

Despite uncertainties, people still feel empowered to make residential moves in 2024. However, the number of homes sold subject to contract (SSTC) may fluctuate. The data from Zoopla suggests a decline in homes in the process of being sold at the end of 2023.

Implications for Sellers:

• Work with your agent to position your home effectively.

• Despite weakened demand in 2023, sales remained strong, indicating opportunities for sellers.

Property Prices:

Zoopla reports a 1.2% drop in the average UK house price in 2023, with variations across regions. Predictions suggest a slight further drop in asking prices nationally in 2024.

Advice for Sellers in 2024:

• Be realistic with your asking price to attract potential buyers.

• Consider Rightmove's forecast of a national average 1% (8% Bishop's Stortford area) drop in asking prices.

What Buyers Look For:

Buyers are now expanding their search radius, moving further from traditional locations. Property features such as open-plan living, energy efficiency, and dedicated work-from-home spaces are gaining importance.

Recommendations for Sellers:

• Tailor your marketing to highlight sought-after features.

• Leverage professional tools like photography, floor-plans and virtual tours to showcase your property. 28% of buyers will disregard your property if it does not have sufficient floor-plans or photos (according to Rightmove).

First-Time Buyers:

First-time buyers are expected to dominate the market in 2024 tallying up a predicted 40% of the total market, driven by rising rents and a desire to step onto the property ladder.

Guidance for Sellers:

• Position your property for first-time buyers, emphasising value or hybrid workspaces.

• Recognise that a third of all homes are estimated to be sold to first-time buyers.

Downsizing Trends:

With an ageing population, more homeowners are motivated to downsize, creating potential demand for smaller properties like bungalows.

Suggestions for Sellers:

• If selling a smaller property, emphasise features like excellent transport links or single-story living.

• Recognise the growing popularity of bungalows, with demand increasing by 11% in May 2023.

In summary, while uncertainties exist, strategic planning and collaboration with professional agents can position both buyers and sellers for success in the evolving property market of 2024.

(Data from Zoopla and Rightmove HPI, December and November 2023).

Written by Veera Josey, 18th January 2024