A spring in our step
2024 is seeing a new realism in the housing market, as our own Clare Phillips looks at what the future could hold for the local Leicestershire market.
We may be still getting used to the year being 2024, time flies and so does the state of the housing market. Despite the recent rise in interest rates, these are not expected to be passed on to mortgage interest rates as we see the economy beginning to settle down. The Guardian has predicted that house prices will recover and sales will improve this year in this recent article. They are talking of a “respite” in the housing market, and our experience at Phillips George seems to back that up.
Partner at Phillips George, Clare Phillips is seeing improvements in the local Leicestershire housing market; “We are busy! Which is amazing. Inflation recently went up slightly, but only very slightly, and the financial market is forecasting inflation will come down to 2% very quickly and so interest rates are going to come down too.”
Bloomberg reports that the optimism is not only with Phillips George. Estate agents around the country are more upbeat than at any time since before the pandemic amid easing mortgage costs and hopes that the Bank of England will cut interest rates.
No pain, no gain
2023 was a difficult year, but confidence is returning to the housing market. Clare continues; “I think vendors are now setting their prices more realistically. The hangover of the boom is over and everyone knows the market has been struggling and to set an unrealistic price means your property just won’t sell.”
We asked Clare about how she sees 2024 unfolding; “We are experiencing higher buyer enquiries, more sales and instructions here at Phillips George and I am feeling more positive about the market than I have for some time. I’m actually pretty excited about 2024! There is still an element of caution to be added, but I think we have come to a new pragmatism in the housing market which can only be good for buyers and sellers alike.”