Published: 24/10/2024 By Martin Ludeman
What has been happening during the 2024 Housing market? Property sales have improved by 60%, however, this is off the back of one of the worst years, 2023, in the last 20. Interest rates virtually tripled, not seen since the 90's, where building society rates topped out at 18%, although they didn't triple to that figure, so recent rises, to what appear to be low at 6%, were nevertheless a unique rise. This allied to the true effects of Brexit, and now having to repay the borrowing to see us through Covid, plus a state of war in different continents, and a UK election, it is no wonder that the public are a little shell-shocked, and perhaps unwilling to make big-ticket expenditures. However, prices are very stable, and there is not much chance of a rise or a fall in the near future, so purchasers can buy with confidence, and little chance of any gazumping.Property above £450,000 is particularly active, and with our aging population, and perhaps a little Covid influence, we have seen a massive uplift in Probate sales. These are generally slightly dated larger houses, with scope to improve, and can be purchased without a 'dreaded' onward chain. Having been established in Feltham since 1986, Forest are expertly equipped to specialise in Probate sales, and have helped many families, including our own through these difficult, and emotional transactions.
Leasehold flats are also beginning to sell better, although oddly, prices have seen little movement over the last 8 years, they still appeal to the long-term buy-to-let market, with rentals having risen some 20% over the last 2 years.
As for 2025? Things can only get better, the UK housing market has been remarkably resilient, shrugging off recessions, Brexit and Covid, and still, prices are stable, so although we are unlikely to see any rapid increase in prices, they should remain stable, which will give potential purchaser security, and with the possibility of cuts in interest rates, and a Government who are keen to promote higher home ownerships, houses will remain a secure, and hopefully, tax free investment