Local property expert reveals his market predictions for 2024

It is the time of year when everyone has predictions for the year ahead, especially when it comes to the fluctuating property market. But the director of Tutis Estates in Holbrooks, Jag Chaggar, suggests that ‘you should ignore them all’.

Rightmove reported a strong start to January, with asking prices rising by 1.3% and a 20% increase in the number of sales agreed compared to last year. Jag says that the market isn’t ‘back to normal’ but buyer confidence is on the rise.

There have also been various lenders from TSB, Skipton, and Santander cutting their rates. Popular investor lender The Mortgage Works has some eye-catching new rates, including two-year fixes below four percent– although it’s worth noting that fees are still much higher than they were a couple of years ago.

Read more: Why landlords should conduct routine inspections according to a property expert

In addition, estate agents Knight Frank believed property prices would decrease by 4 percent this year. But due to the recent cuts in mortgage rates, they now anticipate a 3% increase.

Turning points

Forecasts are only valuable when they can identify significant shifts in the market before, they happen. What difference does it make if prices increase by 2% or decrease by 3% in the next year?

For an investor who is investing for the long term, it will not matter. However, what if the market is about to soar or collapse? It would be beneficial to be aware of that beforehand.

However, forecasters have a dismal history of doing this. Consider the year 2007, just before a 15% market collapse, one analyst (Capital Economics) who had been predicting a crash for four years retracted this forecast in 2007, stating that “you can’t keep saying

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