As 2024 approaches its final quarter, the residential property market is undergoing a transformation that’s crucial for anyone looking to buy or sell a home. Sharon Galley, Head of Property at JMP solicitors explains the key trends shaping today’s real estate landscape and what they mean for you.
Rising House Prices and Interest Rates
House prices have been on a steady climb over the past year, driven by a competitive market and a limited supply of available properties. This means buyers might need to stretch their budgets or adjust their expectations. Recently, the Bank of England made a notable move by cutting interest rates to 5% after maintaining them at 5.25% for several months. This slight reduction could ease some of the pressure on buyers, making mortgage financing a bit more manageable.
Trends in Buyer Preferences
The modern homebuyer’s wish list is evolving rapidly. With remote work now a staple in many lives, there’s a growing demand for homes with dedicated office spaces and robust internet connectivity. Buyers are also placing a premium on energy-efficient features and smart home technology, reflecting a shift towards sustainable living and convenience.
City Life Vs Country Living
The trend of moving away from city centres towards suburban areas is gaining momentum. While urban living once had the upper hand with its vibrant scene and proximity to workplaces, many are now gravitating towards the suburbs. The allure of more space, quieter neighbourhoods, and a strong sense of community is especially appealing to families and those seeking a better work-life balance.
How JMP Solicitors Can Help
As we look to the future, staying on top of these trends is essential. Buyers should brace for a competitive market, possibly adjusting their criteria or exploring emerging neighbourhoods. Sellers can capitalise on high demand by showcasing their homes effectively and setting strategic prices.
For advice on the real estate market, whether you’re buying or selling, don’t hesitate to contact our conveyancing department. Contact us at 01476 565 295 or email [email protected] for a quote and expert guidance.
