What Will Happen to the Property Market in 2024

Date Published 05 January 2024

Everyone likes to know the value of their property at any given time. For those looking to sell or buy a home it's even more important to have a good idea of how the market stands and in which directions it is likely to go in the year ahead.

At the start of a New Year it's traditional to make predictions. For an established local estate agency like us, it's also of great value to our clients for us to give them a professional overview of the situation as we see it.

So what will happen to the property market in 2024?

National versus local

The first thing to acknowledge is that when it comes to property things can look very different at a national level than they do in any given local area.

Interest rates set by the Bank of England are national news and mortgage deals reflect any changes in them. Of course this has a knock-on effect on property sales all over the country too.

However, it's not always that straightforward. Last year was dominated by high inflation and a succession of increases that took the BoE interest rate to a fifteen year high. In spite of that, by the end of the year mortgage deals for popular two and five year fixes were cheaper than they were twelve months before.

For the year ahead, better than expected inflation figures are hinting at interest rate cuts happening earlier than expected. Obviously this will be good news for buyers in 2024

Two sides of a coin
Any property sale is a two-sided transaction, so anything that makes buyer affordability better in terms of mortgages is also good news for sellers.

Another big plus point for our clients is that our area is highly desirable. Whether it's the larger traditional properties in the Goring Hall estate or single-storey homes in Ferring that are within minutes of the beach, such a wide range of wonderful homes means there really is something for everyone.

At the start of last year many pundits were predicting that house prices would crash with significant falls however by the end of the year values of property across the board largely held up.

In fact it's the same old story - neighbouring properties might differ greatly in value due to many factors, so what really counts is having an experienced and honest market appraisal from an established local estate agent.

Looking ahead
Inflation looks likely to drop with interest rates following suit at some time this year. We're highly unlikely to see either the huge levels of activity or the substantial property price increases that we saw over the past few years repeated.

Doubtless there will be many unexpected events that change other important details here and there, especially if a general election does take place this year.

Although the wider national picture always makes for good headlines, it's what's going on locally that really matters for anyone looking to move home in or around Ferring, Goring and Worthing.

So the question 'what will happen to the property market in 2024?' almost becomes irrelevant if you take it down to the basic level of each individual decision to sell or buy a home. Moving is something that happens for so many different reasons that at a certain point it rises above all the trends, market conditions, facts and figures and simply needs to be seen as a personal life event.

Talk to us
For more than 25 years we've built up a solid local reputation for our professional and friendly service here at Stafford Johnson. That's because we listen to our clients and understand what they want us to do for them.

Our unique mix of traditional values and contemporary marketing techniques really does set us apart. For instance, every property we offer for sale has been visited by each member of our team, meaning we know the details and can answer any questions a potential buyer may have.

If you would like to find out more call 01903 501105, email us, or visit us in the office at 325 Goring Road, Goring by Sea BN12 4NX.