DECEMBER 2024 MARKET UPDATE

As we approach the end of the year, the UK property market reflects a year of change, with activity levels, rental trends, and house prices offering a mix of challenges and opportunities for buyers, sellers, landlords, and renters.

December provides the perfect opportunity to assess the market’s current state and plan for the New Year. Here’s what’s happening right now, and some practical advice from the team at JaeVee.

Property Prices: Seasonal Adjustments

House prices in the UK have cooled slightly as we enter the festive period, with many regions experiencing a typical seasonal slowdown. Nationwide, average property prices have dipped by 0.8% in November compared to October, reflecting a quieter market in the run-up to Christmas.

Despite this, property in Norwich and Norfolk remains attractive to buyers due to its affordability compared to nearby hotspots.

Tip for Sellers: If you’re considering selling, now is an excellent time to prepare your property for the New Year rush. Focus on small improvements such as fresh paint or decluttering. These updates can make a significant difference to first impressions, especially for buyers searching for property for sale in Norwich and Norfolk.

Mortgage Rates and Buying Trends 

Mortgage rates have shown signs of stabilising after a turbulent start to the year. The current base rate is 4.75%, and an average two-year fixed rate is now around 5.7%, slightly down from its peak earlier in 2024. This trend offers hope for first-time buyers and those looking to remortgage.

Tip for Buyers: With competition easing, now could be a good time to negotiate on property in Norwich and Norfolk. Speak to a mortgage adviser early to lock in a competitive rate. Don’t forget to check out government schemes if you’re a first-time buyer.

Rental Market: High Demand Continues

The rental market shows no signs of slowing, with demand for rental properties in Norwich and Norfolk remaining high. The average rent for new tenancies increased by 3.2% year-on-year in November, reaching £1,252 per month across the UK. Many renters are competing for limited properties, which has driven up prices.

Tip for Renters: Stay ahead of the competition by having your documents ready, including references and proof of income. Consider widening your search radius to find rental properties in Norwich and Norfolk that offer better value for money. 

Landlords: Adapting to Changing Regulations

Landlords in Norwich and Norfolk continue to face challenges with regulatory changes and rising costs. The Renters Reform Bill, expected to pass in early 2025, includes key provisions such as abolishing Section 21 evictions and introducing a Decent Homes Standard for private rentals.

Tip for Landlords: Now is the time to review your property portfolio and ensure your properties meet upcoming standards. Consider conducting a maintenance audit over the winter months to avoid unexpected costs. Staying compliant will make your properties more attractive to tenants.

Market Trends: Opportunities Ahead

While the winter months are typically quieter, savvy buyers and sellers can use this period to their advantage. According to Zoopla, there was a 5% increase in viewings during January 2024 compared to the December prior. This indicates that preparation now can lead to success in the New Year market.

Tip: Whether buying, selling, renting or letting, December is a great time to plan. Buyers and renters should list their requirements, while sellers and landlords can ensure their properties are market-ready for January.