In 2023, buyers tended to choose affordability rather than being tempted by more expensive properties. A drop in house prices, together with increased interest rates and the cost-of-living crisis, meant homeowners were reluctant to move and further stretch their financial resources, but what are the predicted property market trends for 2024?
Predictions for 2024
1. In 2024, the average price of a UK home is expected to fall by around two per cent.
2. Mortgage rates will remain high; however, the rate could drop to 4.5 per cent by the end of 2024.
3. The affordability of properties relies upon people making more money and growing their income. An ongoing increase in wages is expected to continue, which will help to support the property market.
4. The risk of a major collapse in the property market will decrease in 2024, which is good news for homeowners.
Home improvements
With the current uncertainty surrounding the property market, many homeowners are looking to invest in home improvements rather than purchasing new homes. Home improvements can be seen as a more cost-effective means of achieving the space or features you require, carrying a lower overall price tag than that of selling, buying, and moving.
As an example, Brise Soleil systems are state-of-the-art projects involving aluminium screening. These can be added to enhance the aesthetics of a home, to provide increased levels of privacy or to provide shaded areas to adjoining exterior spaces. Brise Soleil products also offer solar shading, meaning a reduction in energy costs and a return on your investment in the medium- to long-term.
With the pressures of recent years, homeowners and buyers alike are looking for new, alternative and creative ways to increase their property value and reduce their household bills.