For many a new year sparks thoughts of fresh starts and the beginning of a new chapter so could 2024 be the year to prioritise finding yourself a new home?
Typically, January is a busy time for the property market, Christmas priorities have calmed and perhaps the visiting of festive guests have shown the need for more, or indeed less, space. It has been widely reported that house prices are down, however the annual average asking price in November came in at only -1.3%.* Now, when you consider the rapid growth in prices over the last few years, this isn’t particularity negative and in fact, October 2023 saw the monthly change in the national average asking price increase by 0.5%.*
When it comes to mortgages in November interest rates were, after months of increases, once again held at 5.25%** by the Bank of England and this helps to create both more product options and stability within the market. Already this year mortgage rates have been cut by a number of vendors and so why not chat to a mortgage broker to explore your options; we work with a fantastic team who we can put you in touch with.
If selling isn’t quite what you had in mind but you’re keen to move, 2024 is set to be a good year for landlords with demand remaining strong and rents remaining high. It seems due to the high prices in London, surrounding places in the South-East are very much in high demand. As a result, the average price of a month's rent has increased to more than £1,000 in cities and towns such as Southend-on-Sea, Luton, and Colchester.*** Perhaps renting your current property, generating a regular income, and purchasing your forever home could present the best of both worlds, if budgets allow.
As always, if you’re unsure what the new year might bring you and you’d like to discuss your options give me a call.
Written By Durden And Hunt Director, James Hunt.
***Zoopla
* Rightmove
** Bank Of England
