With inflation tumbling, interest rates held for successive months and almost every London borough seeing house prices fall last year, will 2024 be the year buyers flood back into the London housing market?
Or will the stagnant economy, ongoing global unrest and the looming presence of a general election at home keep their foot on the throat of a housing market already subdued by Brexit, Covid and the cost-of-living crisis?
If you want to move but don’t have an intense motivation or urgent deadline, it can be hard to know what the best strategy is this year. So we’ve asked seven experts for their advice on when and how to sell a home in 2024.
Get busy under Rishi
Peter Wetherell, executive chairman of Mayfair estate agent Wetherell, predicts a peak in house-market activity at the start of this year.
“The general election has the potential to play a significant role in the performance of the property market, especially in London,” he says. “Because of the uncertainty that a potential change of government brings, I think there will be a surge in deals during the first four to five months of 2024 as discerning buyers seek to buy early and de-risk their transaction from the election process.”
A new government could introduce policies hitting buyers in the pocket and reducing appetite for purchases, he warns.
But Wetherell adds: “If Labour does come to power, it has pledged to increase the number of new homes being built in both London and the rest of the UK, so we are likely to see measures to help increase delivery, which can only be a good thing for the property market next year.
“Not enough homes are currently being built in the UK capital and the rest of the UK, so any political party that comes to power that helps