A survey conducted by GetAgent.co.uk asked nearly 600 estate agents about their outlook for the 2024 market. They found that 55% of agents feel confident about the market this year.
The biggest challenges ahead include the fluctuating cost of buy-to-let, market uncertainty, and inflation. However, concerns about house price depreciation and limited buyer and seller activity are less prominent.
40% of agents expect house prices to remain steady in 2024, while 29% predict an increase. This news follows a more optimistic flurry of property price predictions, particularly compared to last year. Knight Frank adjusted their property price prediction in light of new activity and lower mortgage rates – they now predict that the average UK property price will rise by 3% over the next 12 months.
Regarding current market activity, 18% of agents reported more new seller enquiries than last year, and 39% said they were as busy as last year. Similarly, 15% noticed an increase in available stock, with 40% experiencing similar levels to the previous year.
Moreover, 15% observed more buyers making offers than last year, while 35% reported similar buyer activity.
Despite optimism, buyers are cautious due to higher borrowing costs, according to GetAgent, who advises estate agents to approach valuations carefully.
Only 10% of agents stated that buyers are offering above the asking price, while 63% are offering below it. Additionally, a third of agents mentioned an increase in properties being downvalued. This is not surprising, particularly when you consider that many sellers applied discounts of up to £7,000 in the lead-up to Christmas to encourage cautious buyers into the market.
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