{"id":4178,"date":"2024-04-30T11:29:22","date_gmt":"2024-04-30T10:29:22","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=4178"},"modified":"2024-05-03T11:54:42","modified_gmt":"2024-05-03T10:54:42","slug":"how-is-the-property-market-faring-so-far-this-year","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2024\/04\/30\/how-is-the-property-market-faring-so-far-this-year\/","title":{"rendered":"How is the property market faring so far this year?"},"content":{"rendered":"
\n

If the first two months of the year are anything to go by, 2024 should overall be a more stable year for the property market.<\/strong> <\/p>\n<\/div>\n\n

\n

House prices picking up<\/strong> <\/p>\n<\/div>\n\n

\n

In February, house prices rose 1.2% year-on-year to \u00a3260,4201<\/sup>, after taking seasonal effects into accounts. This marks the first annual increase since January 2023, which is likely due to improved mortgage affordability giving a boost to buyer confidence. Whilst this uptick is positive, prices were still 3% lower than the record highs we saw in the summer of 2022. <\/p>\n<\/div>\n\n

\n

Buyers and sellers returning<\/strong> <\/p>\n<\/div>\n\n

\n

Seller and buyer activity is also on the rise \u2013 at the start of 2024 7% more properties came onto the market than last year, and buyer enquiries increased by the same amount2<\/sup>. As a result of this elevated activity, there was a 16% increase in the number of agreed sales, when compared with the same period in 2023. Zoopla estimates that, by the end of 2024, the total number of transactions will be up 10% year-on-year. <\/p>\n<\/div>\n\n

\n

Cautiously optimistic<\/strong> <\/p>\n<\/div>\n\n

\n

It\u2019s safe to say that, while there are signs of improvement, it will be a long road to recovery for the UK. Despite buyers returning to the property market, they are still moving tentatively \u2013 at the start of the year it took two weeks longer for homes to find a buyer than in 2023. Robert Gardner, the Chief Economist at Nationwide, reflected, \u201cWhile the squeeze on household budgets is easing, with wage growth now outstripping inflation by a healthy margin, it will take time to make up for the ground lost over the past few years, especially given consumer confidence remains fragile.\u201d<\/em> <\/p>\n<\/div>\n\n

\n

Here to help<\/strong> <\/p>\n<\/div>\n\n

\n

We can help you navigate the changing property market with confidence. If you\u2019re thinking of buying or selling this year, get in touch today. <\/p>\n<\/div>\n\n

\n

1<\/sup>Nationwide, 2024  <\/p>\n<\/div>\n\n

\n

2<\/sup>Rightmove, 2024 <\/p>\n<\/div>\n\n

\n

It is important to take professional advice before making any decision relating to your personal <\/em><\/strong>finances<\/em><\/strong>. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong> <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

If the first two months of the year are anything to go by, 2024 should overall be a more stable year for the property market.  House prices picking up  In February, house prices rose 1.2% year-on-year to \u00a3260,4201, after taking seasonal effects into accounts. This marks the first annual increase since January 2023, which is […]<\/p>\n","protected":false},"author":4,"featured_media":4186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,77,35,76],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/4178"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=4178"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/4178\/revisions"}],"predecessor-version":[{"id":4191,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/4178\/revisions\/4191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/4186"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=4178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=4178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=4178"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=4178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}