January 13th 2024.
As we approach the ever-evolving property landscape for 2024, it's clear that certain trends are shaping the way we buy and rent. Just like the popular 'Ins and Outs' lists dominating social media right now, we've asked property experts to share their own predictions for the year ahead. And let's just say, some unexpected styles are surging in popularity. Although, we're excited to finally say goodbye to 6% mortgages.
Out with the old and in with the new, this year is all about embracing change. Whether you're planning to get on the property ladder or wondering if your rent will increase, here's what to expect in the world of real estate.
The 'Ins' list includes improved affordability for first-time buyers, thanks to rising incomes and a 2% drop in house prices. After a decade of low numbers, the UK can finally expect to see an increase in first-time buyers. And speaking of new trends, have you heard of 'glasshouses'? This fancy new term for a garden greenhouse is all thanks to the Beckhams and their stylish outdoor glasshouse featured in their Netflix documentary. With its modern design and Victorian-inspired details, it's no wonder people are adding it to their must-have list for a new home.
But it's not just glasshouses that are gaining popularity. Bungalows, once considered a guilty pleasure, are set to make a comeback in 2024. These freehold properties with big plots and doer-upper potential are now being seen in a new light. And with the rise of remote and hybrid working, three-storey living is also on the rise. Not only does it provide extra space, but it also allows for a dedicated home office away from the main living area.
And let's not forget about TikTok. While we often turn to the platform for food and fashion inspiration, it's also becoming a popular platform for house-hunting. In 2024, we can expect to see a major shift towards using TikTok as a property search platform, especially among the younger generation.
On the 'Outs' list, we can say goodbye to 6% mortgages and wood-panelled everything. And for those who say first-time buyers can't get on the ladder because they eat too much avocado toast, well, that's no longer a valid argument. With more supply than demand, buyers will have more negotiating power and choice, making it a buyer's market. And for those in the rental market, there's good news. The growth rate for rents is expected to slow down to 5%, with London leading the way.
In this ever-changing property landscape, it's important to keep an open mind and adapt to new trends. So whether you're looking to buy, rent, or simply curious about the real estate market, remember to take note of these predictions for 2024. Who knows, you might just find your dream home and add £175,000 to its value. And if you have a story to share, we'd love to hear it. Get in touch by emailing us at email.
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