{"id":22631,"date":"2024-02-27T10:43:13","date_gmt":"2024-02-27T10:43:13","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/02\/27\/residential-property-review-february-2024\/"},"modified":"2024-02-27T13:50:24","modified_gmt":"2024-02-27T13:50:24","slug":"residential-property-review-february-2024","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/02\/27\/residential-property-review-february-2024\/","title":{"rendered":"Residential Property Review \u2013 February 2024"},"content":{"rendered":"
\n

Positive start to the year for the housing market<\/strong> <\/p>\n<\/div>\n\n

\n

Increased demand from buyers and sellers is helping to get the housing market back on track this year. <\/strong> <\/p>\n<\/div>\n\n

\n

According to the Royal Institution of Chartered Surveyors (RICS), the data on new buyer enquiries is consistent with a gradual recovery which shows a 7% uptick in January, the most positive reading since February 2022. <\/em>Sellers seem to be returning to the market too, with Rightmove reporting that valuation requests are up 23% when compared with January 2023. Consumer confidence is at a two year high according to GfK, which they attribute to falling inflation.  <\/p>\n<\/div>\n\n

\n

Rightmove\u2019s Property Expert, Tim Bannister, reflected on the rise in activity, \u201cThis is likely to be a combination of home-movers who have recently decided to make this the year to find a new home, and potential homebuyers who took a step back last year and paused their plans while the outlook for mortgage rates was more unclear.\u201d<\/em> <\/p>\n<\/div>\n\n

\n

2023 saw some house price stability<\/strong> <\/p>\n<\/div>\n\n

\n

House prices did not drop as much as initially predicted in 2023, as Zoopla look on the bright side of an otherwise difficult year for the housing market. <\/strong> <\/p>\n<\/div>\n\n

\n

According to data from the property portal, last year 56% of homes in the UK either increased in value or stayed at the same price. Moreover, 77% of residential properties stayed within the +\/- 5% range. Zoopla reflected that house prices have generally been more stable since 2015, when mortgage lending criteria became stricter. <\/p>\n<\/div>\n\n

\n

Some homes rose in value by more than 5%. The value of one in ten homes increased by an average of \u00a317,200, the majority of which are located in North West England. However, the South East did not fare so well, as 18% of homeowners saw their property\u2019s value fall by 5%. Zoopla observed that many of these areas, such as Dover and Hastings, are commuter towns that saw an influx of interest during lockdowns. In these places, house prices may therefore be easing back to pre-pandemic levels.  <\/p>\n<\/div>\n\n

\n

Hope for tenants in 2024?<\/strong> <\/p>\n<\/div>\n\n

\n

Supply has been struggling to meet tenant demand in recent years, but the pressure on the rental market may be cooling.<\/strong> <\/p>\n<\/div>\n\n

\n

Rightmove reported that at the end of 2023 there were an average of 11 prospective tenants enquiring about each property listing. Hopefully this year will prove easier, as data indicates that there are 7% more homes coming onto the rental market than last year. Rental costs may be easing too after hitting a record high. According to the HomeLet Rental Index, the average rent decreased by 0.9% between November and December 2023.  <\/p>\n<\/div>\n\n

\n

Tim Bannister of Rightmove reflected, \u201cWe can\u2019t keep seeing double digit rent rises every year as tenant affordability simply cannot keep up, and 2024 is the year we think there will be a much smaller increase in advertised rents of 5% outside of London, and 3% in the capital.\u201d<\/em> <\/p>\n<\/div>\n\n

\n
\"\"<\/figure>\n<\/div>\n\n
\n

All details are correct at the time of writing (14\/02\/24)<\/strong> <\/p>\n<\/div>\n\n

\n

It is important to take professional advice before making any decision relating to your personal finances. Information within this document 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. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.<\/em><\/strong> <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Positive start to the year for the housing market  Increased demand from buyers and sellers is helping to get the housing market back on track this year.   According to the Royal Institution of Chartered Surveyors (RICS), the data on new buyer enquiries is consistent with a gradual recovery which shows a 7% uptick in January, […]<\/p>\n","protected":false},"author":12,"featured_media":22650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,37],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/22631"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=22631"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/22631\/revisions"}],"predecessor-version":[{"id":22652,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/22631\/revisions\/22652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/22650"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=22631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=22631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=22631"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=22631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}