What Will Happen to House Prices in 2024?

What Will Happen to House Prices in 2024?

As 2023 begins to draw to an end, we can reflect over the last 12 months and the noticeable false predictions of a huge slump in property prices. The Kinross-shire property market in particular, has continued to remain buyout, with demand remaining steady, along with sales prices, with the majority of properties obtaining at least their Home Report valuation. There have of course been some changes, with a lot less closing dates being set, which breaths a sigh of relief to buyers!

Mortgage and Interest Rate hikes have however effected the demand for starter homes, along with the ever growing decline in buy to let investors, whilst properties in this price range are still moving, it is with a noticeable increase in amount of marketing time.

Another major change has been the effect of the cost of living crisis, which has particularly effected the higher priced properties. Sellers in this price range, are now looking to downsize a lot sooner than they previously would have, resulting in a top heavy market, allowing the smaller number of buyers, a lot wider choice.

So what will happen in 2024? Predictions are that the housing market will remain steady, with prices only minimally dropping, which is great news if you are thinking of selling soon. Whilst we have more than past the peak of top prices, a steady demand over the next 12 months, will allow for a more normalised pre-pandemic market, with the only change required being that of the seller and the presentation of their properties, as competition will be tighter. Andersons, of course, continue to offer a Presentation Service, free of charge, for all of our sellers, so that your property can stand out from the rest.

Are you thinking of selling in 2024? Contact us now on 01577 862405 or email property@andersons-kinross.co.uk for your Free, no obligation valuation and start the ball rolling for your new dream home.