Andrew Beadnall, Director, Beadnall Copley estate agents

2023 turned out to be very much an

“up and down” year with people’s buying position being the most important factor. Whilst demand dropped due to interest rate rises and uncertainty there wasn’t the drastic price drop that had been predicted.

The biggest contributing factor to the number of transactions was actually down to a buyer’s ability to buy as many people who wanted to move were held back from doing so by being unable to sell their own property.

On the flip side buyers with no chain and cash in the bank seemed more reluctant to enter the market without expecting a discount.

The housing market is very much a confidence led industry/entity and looking forward to 2024 I expect a much more stable market. Mortgage rates have now consistently been on a downward trend and the initial shock of the severity of interest rate rises seem to be behind us. With mortgage rates coming down affordability increases as does confidence so expect demand to be on the rise.

The market is still price sensitive so pricing realistically is key. However, we have found that providing a property shows the correct value, buyers are willing to pay the asking price or very close to it with standout properties still occasionally going to best and final bids.

The rental market is continuing to go through a period of rapid price growth with demand far outstripping supply, there is simply not enough either new or returning stock to the market and as such the majority of properties that we have let this year have received multiple bids and this looks set to continue.