{"id":8327,"date":"2024-02-05T09:35:35","date_gmt":"2024-02-05T09:35:35","guid":{"rendered":"https:\/\/www.craneandco.co.uk\/pages\/?p=8327"},"modified":"2024-02-07T11:45:46","modified_gmt":"2024-02-07T11:45:46","slug":"things-are-looking-up-in-the-property-market-heres-why","status":"publish","type":"post","link":"https:\/\/www.craneandco.co.uk\/pages\/things-are-looking-up-in-the-property-market-heres-why\/","title":{"rendered":"Things Are Looking Up in the Property Market \u2013 Here\u2019s Why"},"content":{"rendered":"

Good news: the latest data on buyer demand shows that the number of property hunters out in force is up by 14%*.<\/span><\/h3>\n

\u00a0<\/span><\/p>\n

So, what\u2019s driving this increased demand? And what does it mean if you plan to buy or sell in 2024?<\/span><\/p>\n

Let\u2019s take a look.<\/span><\/p>\n

\u00a0<\/span><\/strong><\/span><\/p>\n

Interest rates<\/span><\/strong><\/span><\/h3>\n

\u00a0<\/span><\/p>\n

For a good chunk of 2023, interest rates were high (relative to recent years), and the possibility loomed that they could go even higher. <\/span>Many buyers, uncertain about where it would all end, were spooked and put their property-hunting plans on hold. <\/span>But in the latter part of the year, things started to shift. The Bank of England held rates steady three times in a row.\u00a0<\/span>Then, a few days into the new year, there was further good news when many lenders dropped their mortgage rates. <\/span>Some banks even dipped below 4% on their five-year fixed deals** to woo customers. <\/span>With the situation now much clearer \u2013 and more positive \u2013 expect more wait-and-see buyers to act (especially if they\u2019re renting). <\/span>This will not only create more market demand but also increase supply because while some buyers will be first-timers, others will have to sell a property to fund their move. <\/span>And more sellers means greater choice for buyers.<\/span><\/p>\n

\u00a0<\/span><\/strong><\/span><\/p>\n

Resilience<\/span><\/strong><\/span><\/h3>\n

\u00a0<\/span><\/p>\n

Some dire predictions about what could happen in the housing market did the rounds last year. <\/span>Brace yourself for repossessions and an almighty price crash, some warned. <\/span>Thankfully, the doom merchants were wrong, and the market proved to be far more resilient than some expected. <\/span>This may partly be because the government tightened mortgage lending rules after the 2008 banking meltdown. The aim was to stamp out reckless borrowing and suppress housing bubbles, and it seems to have worked. <\/span>Recent data (released by Zoopla) shows that the average UK home is worth 18% more now than it was pre-lockdown in March 2020.\u00a0<\/span>So, buyers wondering if property is still a good investment need be in no doubt.<\/span><\/p>\n

\u00a0<\/strong><\/span><\/h3>\n

Contact us today at Crane & Co\u00a0if you\u2019d like a free property valuation.<\/strong><\/span><\/h3>\n

\u00a0<\/span><\/p>\n

* Source: Zoopla, comparing activity in the first week of January 2023 with the same time in January 2024.\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

** Lending conditions apply.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good news: the latest data on buyer demand shows that the number of property hunters out in force is up by 14%*. \u00a0 So, what\u2019s driving this increased demand? And what does it mean if you plan to buy or sell in 2024? Let\u2019s take a look. \u00a0 Interest rates \u00a0 For a good chunk […]<\/p>\n","protected":false},"author":3,"featured_media":8328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[12,1],"tags":[8,25],"class_list":["post-8327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-moving-home-advice-and-guidance","tag-advice","tag-jerry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/8327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/comments?post=8327"}],"version-history":[{"count":4,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/8327\/revisions"}],"predecessor-version":[{"id":8332,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/8327\/revisions\/8332"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media\/8328"}],"wp:attachment":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media?parent=8327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/categories?post=8327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/tags?post=8327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}