As we approach the end of 2023, Paul Doyle, Branch Manager at H&H Land & Estates Carlilse Office, provides his overview of this year’s property market and shares his insights into the potential challenges and opportunities we are likely to see in 2024.
“House prices, after experiencing a period of growth, have now stabilised. Factors such as interest rates and the cost of living will obviously affect the housing market, with the potential to sway valuations in either direction.
A persistent challenge throughout the year has been the low stock levels in the market. In comparison to 2019 stock levels, the number of available properties remains remarkably low. Despite a decrease in stock, sales continue to thrive, and demand is high, especially for properties that are accurately priced and effectively marketed. Our office has enjoyed a successful year, facilitating property sales ranging from £45,000 to over £600,000.
Looking ahead to 2024, there are significant uncertainties that lie ahead. Economic variables, such as the cost of living and interest rates, will play a pivotal role in shaping the property landscape. The housing market will be influenced by critical questions, including the potential impact of interest rate fluctuations on property prices, the government's stance on market support leading up to the 2024 election, and measures to regulate landlord activities.”
For further information, please contact the H&H Land & Estates Carlilse Office on 01228 810799 or at [email protected].