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Is the UK Property Market Set to Rebound? Insights for 2024

Hello, property watchers! As we delve into 2024, a question on many minds is: "Will the property market pick up?" After a year of high mortgage rates cooling buyer enthusiasm, let's look at what the current trends suggest about the market’s direction.

Current Market Trends

Over the past 12 months, we've seen a noticeable dip in buyer demand, largely due to rising mortgage rates which have made prospective buyers more cautious. According to Propertymark, the trade body for estate agents, there’s been a slight year-on-year increase in buyers registering with agents this January. However, these numbers are still trailing behind those of January 2022.

What This Means for Buyers and Sellers

This cooling market has shifted the advantage towards buyers, particularly in regions like the South East and East of England. Here, sellers are often reducing their asking prices by 5% or more to attract interest, as reported by Zoopla. This trend is something for potential buyers to consider when negotiating purchase prices.

Moreover, Rightmove’s data indicates that it now takes sellers an average of 71 days to secure a buyer—up from 57 days last January. This increase is a clear sign of the slowing market momentum.

Conclusion: A Buyer’s Market?

For now, the market seems to be in a phase where buyers might find good negotiating power due to reduced competition and more flexible pricing. Whether you’re considering buying or selling, staying informed and agile will be key in navigating the current property landscape.

Will the market rebound? It's too early to say definitively, but these trends suggest that we might be seeing a gradual shift towards normalcy over the coming months. Keep watching this space for more updates!

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