The property market in the UK is constantly moving and in 2023 was affected by the cost-of-living crisis. Especially where mortgage interest rates peaked to 6.11% in July 2023 affecting many new first-time home buyers and homeowners, especially those who needed to remortgage.
However, the recent Bank of England mortgage approval data has indicated a promising trend where more individuals/couples are contemplating home moves in the initial months of 2024.
It is reported that UK house prices are on track to beat forecasts of a decline in 2024 and mortgage pricing wars amongst mortgage lenders and the expectation of Bank of England interest rate cuts are also set to rekindle the property market.
Latest statistics that are indicating these potential surges show an increase in mortgage approvals for house purchases rising from 47,900 in October of last year to 50,100 in November. Whilst this increase is not massive it does show a deviation from preceding trends and a positive outlook for the property market this year.
It is in comparison to the peak of 100,000 following the reopening of the housing market in 2021 which obviously boosted housing transactions.
The online property website Rightmove.co.uk has stated that the statistics for new sellers had risen by an average 1.3%, or £4,571, between December 2023 and January 2024. This is the biggest increase for the time of year since before the Covid 19 pandemic hit.
Rightmove.co.uk have also stated that whilst prices overall remain 0.7% lower than a year ago, there had been a “tentatively promising” start to the year, with 15% more new properties coming on to the market, and growing buyer demand.
About 20% more sales were agreed at the start of January 2024 compared to the same time a year ago, again indicating returning confidence to the property market.
In the Conveyancing department of a law firm like Pinney Talfourd, understanding these ebbs and flows are crucial on allowing our residential conveyancing teams to best serve our clients. Whether buying or selling, we’re here to help support our clients to navigate the evolving landscape of property transaction.
If you are considering a property move in early 2024 this is likely to be good news for you. Whether buying or selling, being aware of the market trends and having excellent legal guidance is essential in ensuring that your property transaction goes as smoothly as possible.
At Pinney Talfourd we recognise the importance of keeping abreast of the flow of the market for homeowners. Our specialisation in the Property department in conveyancing allows us to best service our clients.
For more information, please get in touch on 01708 229444 or by email.
The above is meant to be only advice and is correct as of the time of posting. This article was written by Paul Berry, Partner in the Residential Property Team at Pinney Talfourd LLP Solicitors. The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. Specific legal advice should be taken on each individual matter. This article is based on the law as of January 2024.