Much has changed since the last instalment of our property market predictions for 2023 – mortgages have become less accessible, inflation has ebbed and flowed, and new lettings legislation has gone to parliament for review. All of these changes will have a direct impact on the property market of the future when it comes to sales, lettings and new homes. So, how does the current economic climate impact the future of UK property? What can we expect in the years to come? And what trends can we anticipate coming to the fore in 2024?
At Centrick, we are passionate about keeping you informed when it comes to the changes in the property market. This is why we’ve created our Property Market Predictions For 2024, a downloadable guide designed to keep you in the loop with the anticipated changes to the sales, lettings and new homes markets. After all, how can we make the best choices for our homes and investments without understanding the market and its trajectory?
You can download the handy guide to the property market for 2024 and beyond at the bottom of this page. However, if you’re looking for a brief run-through of just some of the aspects we cover, keep reading…
Despite concerns over the past few years that the property market may experience a significant slump, evidence suggests that the UK housing market is far from a crash. The prerequisites to the 2008 housing crash are not present, with unregulated markets and consumer debt not being prevalent at the time of writing. However, it seems that property values will dip in 2024, with the Office For Budget Responsibility predicting that prices will fall by 10% between 2023 and 2025. So, although there is a clear consensus that house prices will take a hit, the magnitude of this should not be equated to an upcoming housing crash.
Energy efficiency is becoming an increasingly prevalent concern for home buyers, especially investors. New regulations are due to come into place in 2025 taking the minimum EPC rating for new tenancies from E to C. With the average property in England and Wales having an EPC rating of D, improvement is needed to meet these new standards. As such, investors are searching for properties with EPC ratings of C or above to ensure that they are prepared for the new regulations in 2025. The same can be said for homeowners, with 88% of Brits stating that the EPC rating of a home is either important or very important when it comes to moving home. This is likely because of the recent energy price crisis, as well as mounting interest in environmentalism.
The upcoming Renters Reform Bill – which is currently under review by Parliament – is set to shake up the lettings sector across the UK. The bill aims to make the lettings system fairer for both tenants and landlords by setting out a new list of rules and regulations. The bill aims to enforce periodic tenancies as standard, meaning that tenants should give two months notice to their landlord should they wish to vacate, giving the landlord more time to find another occupant. Should the landlord wish to regain possession of their property, they are able to do so within the strengthened Section 8 grounds, although these only apply in instances where tenants are at serious fault. This will allow landlords greater control over rogue tenants, and greater flexibility for tenants. For more information on the bill and how it will impact tenants and landlords across the UK, check out the blog!
2024 is set to be the year of the build to rent development, with these specially designed rental communities becoming increasingly popular. The past four years have each been record breaking when it comes to BTR deals, with last year securing £4.3 billion in investment.
Huge BTR deals have been agreed over the past few years and months, with these plans coming to fruition across the UK. Among some of the most impressive deals are the £500 million, 1000 home deal by John Lewis; the £100 million Goodstone Living deal in Birmingham to transfer a community over 4.2 acres; and another 1000-home development in Digbeth by Moda Living costing £400 million.
As well as the huge BTR development plans across the city, Birmingham is seeing swathes of redevelopment that is set to create jobs, propel the local economy, and boost the property market. The Central Birmingham Framework sets out ambitious plans for the city to complete by 2040, making Birmingham a greener, better connected and more desirable place to live. Among the Framework’s many aims are the redevelopment of both Snow Hill and Moor Street Train Stations, the revival of the Duddeston Viaduct, a new community to the east of Fazeley Canal, and a new town square in Balsall Heath.
For more information on how the property market is set to develop in 2024 and beyond, be sure to download the full guide below. We cover the property market in Solihull, Nottingham, Derby and beyond, the upwards trajectory of rents across the UK, the anticipated dip in property prices and much more!
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