Fears of house prices plummeting were widely reported last year, with the rise in mortgage rates only adding to the levels of uncertainty. Yet according to recent Zoopla research more than half of UK homeowners saw their home values stay the same or increase over the course of 2023.
The start to 2024 has seen more competitive mortgage rates, growing buyer interest and the Bank Of England once again holding the base rate and so when we consider this alongside the Chancellor of the Exchequer, Jeremy Hunt’s, Autumn statement the outlook remains relatively positive.
A number of the Chancellor’s plans are set to come into place, from the cut to the national insurance rate to April’s increase to the national living wage.
When it comes to property he announced that £3 million will be spent on implementing a range of property tech measures that hope to improve the overall home-buying process.* The intention is to speed things up and projects will be implemented such as those that will look to digitise property data held by local councils.
Further, the Mortgage Guarantee Scheme has been extended until June 2025 helping make it easier for first-time buyers to enter the market by allowing them to secure a mortgage with as little as a 5% deposit.
So, whether you're a first-time buyer looking to take your first step onto the property ladder, a homeowner looking to upgrade to a new property, or a landlord looking to expand your portfolio, 2024 could be the year to make moves.
*The Times
Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
