So, for many in the property world 2023 will not be remembered as being the best but in the last few months of the year we started seeing some promising signs and more positive outlooks of a more stable marketplace.
Nationwide figures showed that house prices fell 1.8% over the course of last year; confirmation that the last 12 months have been challenging.
Not surprising given high inflation and elevated interest rates which in turn makes people approaching the market more cautious.
However over last few months have seen some positivity returning, with inflation steadily coming back down and interest rates holding steady and a competitive mortgage market.
So, what can we expect for 2024?
If the initial signs continue, with inflation coming down we should see lenders becoming more competitive with their mortgage rates and buyer confidence making a slow but steady recovery.
Chancellor Jeremy Hunt’s Spring Budget now set for 6 March 2024, may also play a pivotal role, certainly if he looks at boosting help for the property market. How this will be delivered we wait and see.
What we must remember is that it will take time for the market to recover, the initial signs look very promising, but we must be patient.
As they say ‘Rome was not built in a day’….
