A recent survey conducted by estate agent comparison site GetAgent.co.uk has revealed a positive outlook among UK estate agents for the year ahead, with over half expressing confidence in the market’s resilience in 2024. Despite facing obstacles such as higher mortgage rates and economic uncertainty, a strategic approach to property pricing is deemed crucial for success.
Out of nearly 600 estate agents surveyed, 55% voiced their optimism for the market’s performance in 2024, citing minimal concerns over house price depreciation and fluctuations in buyer and seller activity. Instead, the volatility of mortgage rates, market unpredictability, and persistent inflation emerged as the primary challenges.
Interestingly, 40% of agents foresee house prices maintaining their current levels throughout the year, while 29% predict an increase, suggesting a stable or potentially growing property market.
In terms of market activity, the survey highlights some encouraging trends. Eighteen percent of agents reported a rise in new seller enquiries early in 2024 compared to the same period last year, with 39% stating their business levels are consistent with last year’s. Additionally, there’s been a noted increase in the volume of for-sale stock and buyer offers, indicating a rebound in market dynamics.
Despite the optimism, the survey also points to a cautious buyer sentiment, likely influenced by the higher borrowing costs. A significant 63% of agents observed buyers making offers below the asking price, and there’s been an uptick in properties being downvalued and sales falling through.
Colby Short, Co-founder and CEO of GetAgent.co.uk, reflects on the findings: “It’s great to hear that the majority of agents are feeling confident about 2024. Our own numbers reflect the feedback from agents around increased market activity with a record-breaking number of vendors referred in the first 2 months of the year.”
Short further elaborates on the importance of translating this increased interest into completed transactions, expressing hope for a buoyant year ahead for the property market, buoyed by controlled inflation and potential adjustments to the Bank of England’s base rate.
This survey from GetAgent.co.uk not only sheds light on the current sentiment within the UK property market but also underscores the importance of adaptability and realistic pricing in navigating the year’s challenges. With estate agents holding a cautiously optimistic view, 2024 may well see a more vibrant and resilient property sector.
