A Bright Outlook for the Property Market in 2024

Over the past couple of years, the UK has experienced some huge fluctuations in interest rates, Bank of England base rates, house prices, and mortgage rates, all of which have significantly impacted the property market across the country. It has been a pretty scary time, and here at Stobart & Hurrell, we understand more than anyone the fear that has gripped so many. Understanding these changes is essential for both potential buyers and sellers, particularly first-time buyers looking to figure out the world of property for the first time. It can be a mine field at the best of times, but 2023 was enough to send anyone's head into a spin and that’s when we stepped in to guide you…then and now. As we continue through the first quarter of 2024, the property market is slowly showing some promising signs that have filled both investors and homebuyers alike with hope for the first time in what seems like forever. Is there finally a light at the end of the tunnel?

In this blog, we will look at the reasons why things are starting to take a turn for the better. We are ever the optimists, so here goes…

But where do we start?

Let's begin by examining the Bank of England base rates, a key factor for determining the change in interest rates in the UK. The Bank of England, responsible for setting the base rate, adjusts its rate to influence economic conditions. Sounds pretty simple, right? Wrong. It can actually be complex and the impact it can have on the property market is not to be ignored. In the past couple of years, the base rate has experienced many shifts, responding to economic events such as the global pandemic and inflation. In response to the economic challenges following the COVID-19 pandemic, the Bank of England took quick action. In 2020, the base rate was slashed to a low of 0.1%, with the aim of improving economic activity and providing help to businesses and individuals who were struggling financially. These low interest rates led to lower mortgage rates, offering a new and exciting opportunity for prospective homebuyers. At the same time, the drop in rates increased demand in the housing market, which saw new activity for the first time in months. Let’s say it was a busy time for us, and you didn’t hear us complaining one little bit. It was fantastic for the property market, but so much has happened since then; it really has been a rollercoaster of change.

On the flip side, increased demand in property led to an unavoidable rise in property values across various parts of the UK. This surge created a brand new challenge for first-time buyers as affordability became their new hurdle. Consequently, wannabe homeowners went to plan B which was either stay put and sit out the peak or rent in the short term, hopeful of a swift change in the not-so-distant future. As the economy gradually recovered from the pandemic's impact, the Bank of England entered discussions about base rate increases, which in turn impacted mortgage rates - again causing them to shoot upwards. This change had consequences for both existing homeowners on variable-rate mortgages and prospective buyers seeking financing. For some, what seemed affordable only a year ago suddenly became a pipedream. It was a tough time.

2023 was a crazy year…

Throughout 2023, the Bank of England continued to make a series of base rate increases in response to inflation concerns. The aim was to balance out the economy. Although the intention was good, the rapid changes had a significant effect on mortgage rates, affecting the cost of borrowing for those entering the property market, either for the first time or whose fixed-term mortgages were reaching an end. A lot of tough decisions have had to be made by thousands of homeowners across the county. Here at Stobbart & Hurrell, we have worked alongside many individuals in a dilemma as to what to do and when because the future has been so unpredictable. As a result of these developments, the housing market has - thankfully - exhibited signs of adjustment. House price growth, while still positive, has moderated in some regions, presenting a more stable environment for potential buyers. This adjustment provides a silver lining for first-time buyers who may have found themselves challenged by the rapid increase in property prices. There is a glint of hope and we are all very excited about what is on the horizon.

For those considering buying or selling property at this time, it is essential to stay informed about changes in interest rates and mortgage options. First-time buyers, in particular, should carefully assess their financial situation and explore available government schemes designed to support entry into the property market. The past couple of years have seen notable shifts, influenced by a number of factors which have impacted house prices and mortgage rates. Whether buying or selling, understanding the current climate is essential for making well-informed decisions. This is also something that we are happy to guide you on; in fact, it would be our pleasure.

What is in store for 2024?

Along with positive changes in mortgage rates and house prices, the property industry is also experiencing a boost in technology, making the process more efficient and accessible. Online platforms and virtual tours have become standard tools for property marketing, allowing buyers to explore homes from the comfort of their own home…or wherever they want. The rise of remote work has also altered preferences when it comes to choosing a place to live. This shift in trends is opening up new opportunities for property investors and estate agents in locations that were once considered no-go areas. So much is changing every day.

In summary, the property market in 2024 is shaping up to be a promising year for both buyers and investors. Economic stability (finally!), lower mortgage rates, technology advancements, and remote work are all contributing factors. We are feeling optimistic that new property opportunities are on the horizon for those looking to make a move in the property market this year.

If you plan on selling your home in Norfolk  in 2024, we can help. Contact us to arrange a FREE property valuation, and we will support you through the sales process from start to finish. Why not make 2024 the start of a new chapter; we would love to be part of the journey.

Best wishes,

Kerry Stobart


With many industry specialists highlighting an increase in confidence and optimism in the property market, it is easy to see why a lot of people are looking for updated property prices. At Stobart & Hurrell, we have witnessed an increase in buyer demand and whether you are buying or selling, it is vital you make an informed decision.

If you plan on selling your home in the New Year, there is no harm in starting the process as early as possible. You may prefer to make the most of the festive season, and that is perfectly acceptable, but many vendors benefit by gaining an advantage over the vendors who wait for spring to start the sales process.

It makes sense for people to look for a new home in January. The start of the New Year sees people make changes, determined to turn over a new leaf. There will be people who focus on their health and fitness, while other people look to improve their career or love-life. Of course, some people decide to buy a new home, and there are active and motivated buyers in winter.

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