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UK Property Markets Look to be ‘Invigorated’ in 2024

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    Signs of Market Recovery are Stronger This Year According to Savills

    Savills has published a blog giving insight into some of their expert forecasts regarding the real estate market for the coming year.

    It wasn’t just the UK that experienced sluggishness in the property market in 2023. Globally, property transactions were at their lowest in over ten years. So, does this mean doom and gloom for the property industry, or are things on the rise?

    Market forecasts are critical information for those hoping to invest in buy-to-let property.

    According to one of Savills’ latest blogs, deal volumes will likely increase in 2024, and the signs of recovery seem more robust than last year. So, what does this mean for UK real estate investment?

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      Why is There Renewed Optimism for the Real Estate Market?

      Savills states that new years are often surrounded by optimism regardless of actual conditions, especially during a market down cycle. So why is 2024 different, and is it a good time to buy-to-let a property?

      They state that there is ‘more conviction in expectations of a recovery in 2024 than existed at the beginning of last year’ for several reasons.

      Firstly, they firmly believe that there will be more buyers this year. Compelling signs of recovery will draw investors back quickly, hoping to catch the property market at its lowest point and net the most significant possible returns. According to market expectations regarding inflations, growth, and interest rates, the market nadir ‘could already be behind us’, suggesting that more buyers will flock to the real estate market before prices start rising.

      Learn More: For insights into the UK’s top investment locations, take a look at our guides to the best rental areas in London or Edinburgh investment properties.

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      What’s the Outlook for Sellers This Year?

      Last year was characterised as a buyer’s market, and if conditions look suitable for buyers, it gives the impression that the market is bad for sellers.

      MSCI data states that the number of active sellers was 75% down in 2023 compared to 2019 figures. This shows sellers have opted to ‘ride the recovery’ and take a long-term strategy to maximise returns.

      However, this is not a possible strategy for every property owner. Many who put off selling last year due to market conditions may become motivated to sell this year. According to Savills, “a growing pool of buyers and an increase in motivated sellers will boost liquidity, which will support price discovery and – eventually – price recovery, as competition for assets intensifies.”

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        How is 2024 Looking So Far for the UK Property Market?

        Zoopla’s latest house price index backs up this forecast for more deal volumes. There’s been a sizable boost in demand during the first three weeks of the year, showing pent-up demand from last year. There has been an uplift in agreed sales, 13% up on January 2023, and a 22% increase in the number of homes listed on the market.

        Of course, this is evidence of a short-term trend, but it’s a good sign for the coming year, showing more confidence among buyers and sellers after a cautious year.

        Further Reading: To learn about the UK’s top investment hotspots, take a look at our latest buy-to-let area guides covering topics such as buy-to-let property in Exeter and Grimsby Property Investment.

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        Author

        Jessica Ferris

        Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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