Nine Reasons the Market is Likely to Rise in 2024
Here are our nine reasons why the 2024 property market is likely to rise:
1. Increased Buyer Confidence
Interest rates are stabilising and mortgage rates are competitive meaning buyers are likely to feel an increasing confidence within the market for the year ahead. This renewed confidence will boost demand and possibly elevate property prices as more potential buyers enter the market.
2. Inflation Control
Effective management of inflation indicates a more robust economy and increases financial security for individuals. This sense of security encourages people to invest in property, viewing it as a secure asset.
3. Early Signs of Market Recovery
The optimistic start to January, surpassing 2023 activity, suggests a recovering market. This increased activity often suggests property prices are forecast to rise, indicating a positive trend for the market.
4. Pent-up Demand
Due to 2023’s economically uncertain and dynamic landscape, many potential buyers delayed their purchasing decisions. As the economic climate is improving for the year ahead, these buyers may return with renewed confidence and contribute to a significant demand within the market.
Current market conditions may be regarded as advantageous by investors, encouraging them to purchase properties in anticipation of future price increases. This investor activity can contribute to surging property prices.
6. Government Policies and Incentives
With an expected general election in 2024, new government policies or incentives are set to be introduced, no doubt stimulating the property market. Such policies could play a significant role in enhancing property value.
7. Global Economic Trends
Increased foreign investment in the UK property market is likely, contributing to a rise in property prices due to heightened demand.
8. Supply and Demand Dynamics
The underlying principle of supply and demand will continue to influence property prices. If the supply of new housing remains stilted whilst demand grows, then prices are expected to rise.
9. Long-term Investment Perspective
With boomers now past retirement age, it is likely that property is seen increasingly as a long-term investment. As the market stabilises, more individuals may invest in property for future security, thus driving prices upward.
Each of these nine factors points towards a dynamic 2024 property market. Rising prices driven by increased confidence, demand, investment activities, and potential government incentives, set against a backdrop of global economic influence and long-term investment perspectives, all show that the market remains increasingly optimistic going forward into the new year.
For a more comprehensive round-up of the 2024 property market forecast, read our previous article – ‘2024 Property Market Insights’.
View our latest Properties on the market within Brampton, Huntingdon and Cambridgeshire here.
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