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So what REALLY might be the housing outlook for 2024 .. both early year …and later on too?


There are many views being put forward right now as to what the house price marketplace outlook just might be for this new year we have just entered …. when indeed it eventually arrives, later this month!


best approach


This has been a year of much ‘stop- start’ uncertainty when it comes considering what really…. really ….really might be the best approach to that key choice we at Mint constantly review here on this blog  - namely getting a home project underway to add sales price  value,  in order to help make that ‘later on’ home move do-able.. in 2024 ....well very hopefully so !


confusion


For sure, there  has certainly been months and months of  ever changing confusion for homeowners in the face of all kinds of varied fluctuating  financial happenings such as …stalled prices prices, wavering home costs, battered and uncertain interest rates and a good deal of mortgage market huffing and puffing.


key thought


The key  thought is ..will the general property market outlook be better as this 

New Year makes it's initial staggering start..... 


total pause


We at Mint think any easing of conditions going on through the Winter of 2024  is set to be challenging, uncertain, even misleading …and even perhaps on a ‘total pause’. Whatever, the best judged  probability suggests, the outlook will remain every bit as challenging as we’ve all been trying to cope with for most of last year and even the year before that!


battered


The key question is - will homeowners still be as battered in 2024 as indeed many have been in 2023. Checks around with ‘those who purport to know’ suggests there  just might be glimmers of light…note … might be!  ..


positive change?


Key to this suggestion seems to be all about… how deeply  market effects up to now will undergo some kind of positive change in outlook . This - many experts suggest -  remains to be seen. Read on - and then see how you feel about  the outlook ahead ...and indeed how things  might be 'shaping up' for you for the year ahead perhaps!


fluctuations


So, in the face of all the pondering as to property market fluctuation for 2024 - read below some of the expert professional ‘mind-scraping’ points of opinion and observations found online…..


The HomeOwners Alliance…


Fixed mortgage rates have dropped again this month, offering much needed relief to homeowners. But with the Bank of England Governor warning interest rates won’t be cut any time soon, we look at what the future might hold for mortgage rates and why it’s vital to seek out the best mortgage rates in the UK. 


best rates


Read up the HOA further.... for the best mortgage rates currently available, best remortgaging deals, best 5 year fixed rate, Buy To Let mortgage deals, green mortgage deals and more. See much more re property ups and downs online from the HOA here - https://hoa.org.uk/best-mortgage-rates


This is Money….


Falling house prices to raise mortgage costs for 350,000 homeowners. Borrowers could find themselves pushed into higher loan-to-value ratios. This is the size of the loan as a percentage of the value of the property. A 10% decline could see 350,000 mortgage holders in higher Loan to value bands.


Nationwide Building Society…


Nationwide, the UK’s biggest building society, said prices rose 0.2% month on month in November, after a 0.9% rise in October and a 0.1% rise in September. They add .....This is the first time that homeowners have seen the value of their property rise at least three months in a row since the summer of last year. On an annual basis, prices were down 2% in November. The average price of a home was £258,557 in November, £5,231 down on the value of a typical property in the same month last year.


Zoopla…..


Say Zoopla, a leading UK property portal web site and app and home sellers, how they are offering their biggest discounts in five years, with one in four offering 10% off the asking price, putting buyers in a strong negotiating position. Check here ....


Sky News reporting…..


UK Finance highlighted on Sky News that... while affordability is set to remain constrained, there are reasons to believe demand will pick up again as household finances start to find a stronger. Also that ...lending is set to fall in 2024, with repossessions and the number of households in arrears to increase.....according to a forecast by a lenders' trade body.


UK Finance also indicated that while affordability pressures were peaking - largely reflecting the end of the Bank of England cycle of interest rate hikes to tackle inflation - the general outlook situation is unlikely to improve markedly until 2025.


Data from Moneyfacts


They reported how the average two-year fixed rate residential mortgage slipped below 6% for the first time in six months. The five-year figure was 5.6%. This particular financial information service said... "there are a growing number of two-year deals on offer below 5%, which could help stoke demand for lending and help bring the averages down further in the months to come. The Bank of England is not expected to start cutting borrowing costs any time soon."


The Evening Standard


To end on here ...Seen online was this observation from the Evening Standard..... Given how often their monthly house prices indices are at odds…. it is perhaps surprising to see them singing from the same hymn sheet on this occasion. Halifax goes for a fall of 2% to 4% over the year, while Nationwide is going for “low single digit decline or broadly flat” in 2024.


Who knows eh?


No-one perhaps is confidently sure ...we wait uncertain,y ....we wonder ...and we know really we will have to wait and see!


We at Mint Builders are, of course, here to help locally with all kinds of questions and ideas and much practical advice too relating to  your new home project and plans.We can  assist with your 2024  home renovation priority planning and project organisation of all kinds.


Feel free to request our project planning and quotation visit to refurbish or extend your home for more energy saving ‘liveability’ and vital increased future protective money-making ‘added sales value’, never more vital than now. Contact Mint Builders on 07734 211958 or email



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