Summary “Housing Prices 2024” by Property mark

1- Market Uncertainty and Agent Importance: The UK housing market is characterized by uncertainty, with buyers hesitating between purchasing now or waiting. The role of a regulated agent is emphasized as crucial in navigating the current market conditions.

2- Economic Indicators: Interest rates held steady in March 2024, and while changes were minor, GDP and inflation continued to move favorably. There is cautious optimism that inflation will continue to decline, potentially leading to interest rate reductions.


3- Residential Sales: Demand in the residential sales sector increased, with more buyers registering and viewings per property rising. However, new instructions and stock levels decreased, albeit remaining comparable to the previous year.


4- Residential Lettings: Tenant demand decreased, but stock levels increased slightly. Despite this, demand outpaced supply, with approximately 9 new applicants for each available property. Rents are expected to rise, outpacing inflation, particularly in outer London suburbs.


5- Legislative Changes: The Renters (Reform) Bill and Housing (Scotland) Bill are significant legislative changes that continue to shape the discourse around the housing market. The industry is working to ensure these changes support investment and maintain a functional housing system.