As the year draws to a close, it's time to reflect on the past 12 months and look ahead to the new year. The local market faced challenges amidst ongoing financial pressures and a lingering cost-of-living crisis from 2022.

Buyers struggled to secure affordable mortgages, as property prices held steadier than predicted. Sellers found it challenging to locate willing buyers, while landlords and tenants grappled with increased costs, both in mortgages and rents.

Despite these hurdles, the lettings market remained active, with limited choices keeping rents high. Towards the end of November and into December, more properties entered the market, offering tenants greater options than there has been in recent years and this points to an active market going in January.

The Renters Reform Bill is poised to bring significant changes to the lettings market, and it will be interesting to watch housing policies going into what will likely be a general election year.

Zoopla predicts a potential 2% decrease in property prices in 2024. Interest rates seem to be stable at the moment but it may be sometime until we see any decrease if it all.

Professionally, we celebrated milestones, including the successful rebrand to MRKT Property Experts and the completion of office refurb. We also welcomed some new customers into our fold after the acquisition of a local lettings portfolio and it has been great to have them onboard with us.

As we bid farewell to 2023, we extend warm wishes for a happy and prosperous 2024 to you all.

If you would like further information, or wish to discuss the local market please call us on 01202 554470.