JULY 2024 PROPERTY MARKET UPDATE

The UK property market continues to be a topic of conversation, with July 2024 seeing a mixed picture. In our latest property market update, we'll look at the latest trends for buyers, sellers, landlords, and renters, and of course we are keeping an eye on the potential impact of the recent general election and the incoming government.

Property Market Overview: Steady Growth with Regional Variations
Nationwide house prices saw a modest 0.2% rise during June 2024, bringing annual growth to 1.5%. This is quite a significant shift from the heady days of double-digit growth in 2023. However, it's important to remember that the market can vary significantly depending on location.

Buying: A More Balanced Market
For potential buyers, July has seen a more balanced market. Rightmove reports a rise in available properties, easing intense competition and making for an altogether calmer buying experience and considered decision-making.

The best mortgage rates are hovering around 4.7% and recent cuts to the base rate offer hope for even more improved mortgage deals in the coming months, with Oxford Economics still predicting a Bank of England base rate cut in August.

Tips for Buyers:
Do your research: Understand your budget and target areas thoroughly. The experienced team at JaeVee can help you with buying a property in Norwich and Norfolk.

Be prepared to act quickly: Great properties can still attract multiple offers so it’s important to have a mortgage agreement in principle to help you secure your new home.

Consider working with a mortgage broker: With a complex mortgage landscape, a broker can secure the best possible deal for your circumstances, ensuring you get the most out of your budget. JaeVee is happy to recommend a mortgage adviser. Please just ask.

Selling: Strategic Timing Can Be Key
Sellers may need to adopt a more strategic approach in July's market. There are still plenty of buyers around, however, the number of properties for sale dropped off slightly following the election announcement in May. With a new government now in place, it will be interesting to see whether this picks up again. July and August can be quiet months for sales, but a well-presented property with a competitive asking price, will likely attract interest.

Tips for Sellers:
Price realistically: Get an accurate valuation of your property to attract serious buyers. Remember that the highest valuation is not always the way to go! Always consider an estate agent who you feel you can trust to market your property in the best way and achieve the price your property is worth.

Presentation is key: Invest in decluttering, staging, and kerb appeal to make your property stand out. First impressions matter, and potential buyers often make snap judgments during viewings.

Landlords and Lettings: Adapting to Changing Regulations
Landlords are still navigating a period of significant change. In The Kings Speech on Wednesday 17th July, The King announced that the Government would introduce legislation to "give greater rights and protections" to those renting - including "ending no-fault evictions", with draft legislation published on leasehold and commonhold reform.

In a further statement from Downing Street, the Government said: “The Renters’ Rights Bill delivers our manifesto commitment to transform the experience of private renting, including by ending Section 21 ‘no fault’ evictions…The Bill will give renters much greater security and stability so they can stay in their homes for longer, build lives in their communities, and avoid the risk of homelessness.”

Tips for Landlords:
Stay informed: It’s crucial landlords keep up-to-date with changes in regulations and legislation by following resources like the National Landlords Association (NLA).

Consider tenant retention rather than rent increases: A reliable tenant who takes good care of your property can be more valuable than a small increase in rent. Building a positive relationship with your tenants can lead to long-term stability and fewer void periods.

Maintain your property: Regular upkeep ensures your investment remains attractive to tenants and minimizes the risk of costly repairs later.

The General Election and the Property Market
The recent general election has added another layer to the property market. The incoming government's policies on housing, taxation, and infrastructure spending will undoubtedly impact the sector in the long run. However, the immediate effect is likely to be muted and the established nature of the UK property market suggests it will continue to function even during a period of political change.

Looking Forward: A Market in Transition
The UK property market is in transition. Modest growth, regional variations, and the influence of the new government are key factors to consider. However, while there may be adjustments ahead, the fundamental strength of the UK property market is likely to endure.

For buyers, sellers, landlords, and tenants this period offers an opportunity to be informed, strategic, and adaptable. By understanding the current trends, staying informed about future developments, and seeking professional advice when needed, you can navigate the UK property market with confidence.

About JaeVee

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