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Summary

  • House price inflation down -1.1%, compared to +7.2% a year ago
  • New house sales agreed up 17% year-on-year
  • House price falls levelled out as sales improve
  • Mortgage regulations a key element to support modest price falls in 2023
  • First-time buyers are largest group of would-be movers in next 2 years (40%) followed by people up-sizing (34%)
  • Almost half of buyers living in southern England (24% of total buyers) looking to move to find better value for money
  • Property prices to fall around 2% during 2024
  • On track of 1m completed sales in 2024
  • 8.8% average mortgage stress test for new borrowers
  • Still 10%+ overvalued market

 

Q4 2023 sales performed well, including prices falling

The final weeks of 2023 recorded 17% higher sales than a year ago, also ahead of 2019 levels. Due to rising incomes and lower mortgage rates, along with an increase in supply boosting choice and supporting sales. It’s clear that buyers and sellers are more aligned on pricing now, which has reduced the downward pressure on values. As of December 2023 the price decline was -1.1%, which is down from +7.2% a year ago.

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January things to do on the Isle of Wight 2024 Guide

 

Here is your top guide on things to do this winter/spring on the Isle of wight. Beat the Christmas blues by taking advantage of the island’s stunning nature, beaches and heritage. This time of year there is also plenty to do for great value perfect for families!

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Due to the cost-of-living crisis people this winter are struggling to spend large amounts on electricity and gas bills in their own homes, especially with the drop in temperature in the last month! Here are some simple tips which could help you save money and trim your bills.

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Red Squirrel Property Shop have been listed in the top 20% of ALL letting agents in the Uk

 

The best estate agent guide compares letting agents based on their performance on the things that matter most. It provides an independent and trustworthy source of information to help sellers and landlords find the best agents in their area.

 

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Overview
  • In October 2023 house prices increased by 1.2%
  • House price inflation at -1.1% compared to +9.6% over the last year
  • Transactions down 23% compared to 2022
  • First-time buyers and cash buyers make 2 in 3 sales in 2023
  • Modest price falls and mortgage rates near 5% make housing expensive as lower buying power
  • It’s likely to see up to 3% drop in house prices during 2024, with rising incomes supporting values
  • 2024 is likely to stick around the 1m completed sales rate.
  • 80% of the housing market recording year-on-year falls
  • 4 in 5 housing markets are registering small annual price falls
  • Regulation of mortgage lending has built market resilience to higher mortgage rates although household buying power remains lower

 

This month is all about reflecting on 2023, along with forecasting for 2024. We have seen house price falls have been modest in comparison to what mainstream media had people believe, and overall performed well considering the cost-of-living crisis. Especially considering a 20% reduction on buying power. The biggest hit has been on completions, with it looking to be around the 1m mark by end of year.

Mortgage rates are dropping which will support a better market, however, its likely we won’t see the results of this for a few months yet.

 

  1. August Property Market Update
  2. Process of selling your home
  3. UK & Isle of wight property market update - Monthly
  4. Half year Property Market update 2023

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