Property Market Outlook For Homeowners And Landlords

 

As we are speedily heading towards the second half of 2024, your trusted estate agent in Sittingbourne looks at the property market forecast for the UK.

The team at Quealy & Co sell and rent properties throughout North Kent and, using their expert property knowledge, share their thoughts on how the property market will perform in the coming months.

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Property Market Outlook For Homeowners:

At the beginning of the year, the recovery in the sales market was tentatively taking hold. Four months later, that recovery has solidified further.

Prices have stabilised and leading indicators for transaction activity show promising signs. Mortgage approvals in February were their highest in 17 months.

This will be a slow and steady recovery in prices. Affordability metrics are still stretched, compared to historic market norms.

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Property Market Outlook For Landlords:

Rental growth has been high the last few years. Affordability is now increasingly critical and rental growth rates are expected to moderate.

UK annual rental growth is currently at 7.9%, however this has moderated slightly from highs of 10.4% in June 2023.

Renters paid an average 33.3% of their income on their rent in April. Renter affordability has weakened in all UK regions over the last year, most notably in the North East and Wales.

Rental growth will likely still be high in 2024, although down from the last few years, but beyond 2024 expect rates of closer to long-term earnings of around 3% p.a.

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Will the Upcoming Election Affect The Property Market?

With an upcoming election, we examined the impact of the past six elections on prices in the housing market.

The average price growth in the three months leading up to an election was 2.2%, whilst the three months following showed similar growth at 2.1%.

Price growth in the three months following an election only outperformed the preceding period in two out of the last six elections (2015 and 2019).

Waiting until after the election to put your property on the market, in the hope of achieving a higher price, could be a risky strategy. With spring well underway and market activity bouncing back, now could be the best time to sell.

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Are You A Homeowner Or Landlord In Kent?

At Quealy & Co we use our skill, experience, and local knowledge to place your property on the market at the right price. 

Call us on 01795 429836 or email hello@quealy.co.uk to chat with a member of our friendly and experienced team to find out how much your property is worth to sell and to let, and how our expert marketing gets you the best possible price for your home.