We’ve seen a number of significant shifts in the UK property market during 2023. It’s been a year of climbing interest rates, higher mortgage costs, soaring rents and market uncertainty. House prices have slipped from their post-pandemic highs of 2022; according to the Nationwide House Price Index, prices in October 2023 were 3.3% lower than a year previously.
But what does all this mean for anyone looking to buy or sell a property in Salisbury in 2024? Let’s take a look at some predictions and property development trends for housing during the year ahead.
UK property market predictions for 2024
1. Demand will remain stable – but could grow later in the year
Zoopla predicts that the number of property transactions in 2024 will remain flat at around 1 million. High borrowing costs have tempered buyers’ spending power, but if wages continue to rise and mortgage rates reduce, we could see demand growing.
2. Competitive pricing will reap rewards for sellers
Homes have been taking longer to sell in 2023 compared to 2022. Rightmove reports that on average UK properties are taking 59 days to find a buyer, although this varies by region.
This is partly due to over-optimistic pricing by sellers. Homes that have their price reduced after listing are taking longer to sell than those priced at a more realistic level from the off, and this looks to be a trend that will continue into 2024. There are still plenty of motivated buyers, and it’s those sellers who have taken pricing advice from experienced local estate agents who will find them fastest.
3. Cash and first-time buyers will continue to make an impact
Cash buyers and first-time buyers look set to be dominant in the property market in 2024. With higher borrowing costs, buyers who have the necessary funds in cash will be at an advantage. Meanwhile, rising rents show no sign of abating, meaning that with higher mortgage rates buying is still a more cost-effective option than renting for many first-time buyers.
What will happen to Salisbury house prices in 2024?
If you’re thinking about buying a property in Salisbury, 2024 could be a great year to do so. House price growth in Salisbury has slowed in 2023, with the cost of a property rising just 1% according to Rightmove. This means it might be easier to find an affordable property in Salisbury in 2024 compared to previous years.
That said, buyers should move quickly. Propcast says that in certain areas of Salisbury, the market is heating up, with properties selling quickly. This is great news for anyone looking to put their home on the market, and means that we could see a buoyant Salisbury housing market in 2024.
To find your dream Salisbury home, or arrange a valuation on your property, contact Carter & May today.