Estate Agents Expect Positive 2024 for Housing Market
The Fine & Country poll considered the thoughts of estate agents during an event in November. The attendees were asked to rate their experiences in the property market in 2023 and what they expected in 2024.
According to the poll, the average rating across regions for 2023 was 6.82 out of 10. In comparison, the average rating for 2024 was 8.49.
In addition, estate agents noted that property sales were slow at the start of the year – when the UK economy was still reeling following Kwasi Kwarteng’s questionable mini-budget. However, many estate agents noticed a considerable uptick in activity during the final quarter.
This correlates with property market data from the likes of Nationwide and Halifax. According to Nationwide House Price Indices, the UK market saw a monthly price increase of 0.9% and 0.2% in October and November, respectively. Meanwhile, Halifax reported 1.10% and 0.5% price increases during the same period.
Estate agents pointed to positive changes in the market – such as more available stock and price reductions among sellers looking to secure a deal – as a reason for the positive end to the year.
Nicky Stevenson, managing director of Fine & Country, had the following to say about the poll results:
“Based on the feedback we have received from the network, it is safe to say our agents are optimistic about the year ahead but are realistic about the fact that next year will not be without its challenges.
“While many have experienced a more challenging market during 2023, most believe 2024 will be a better year and are excited about the opportunities ahead.”