Here’s what to expect this year… (Picture: Getty Images)
As we approach the ever-evolving property landscape for 2024, it’s clear – as always – certain trends are shaping the way we buy and rent.
So in the spirit of the ‘Ins and Outs’ lists dominating social media right now, we’ve asked property experts to share their own for this year.
And it’s safe to say some unexpected styles are surging in popularity (we’re looking at you bungalows). Although, we’re thrilled to finally throw 6% mortgages out the window.
It’s out with the old and in with the new, so if you’re thinking of getting on the ladder this year or maybe you’re curious about whether your rent will rise (again), take note…
The ins…
Improved affordability for first-time buyers
Things are looking up for first-time buyers (Picture: Getty)
Daniel Copley, a consumer expert at Zoopla, points out that as incomes rise and house prices drop 2% over the year (as predicted), finally – after a long wait – first-time buyers will see improved affordability.
And with the number of UK first-time buyers in 2023 the lowest in a decade, it’s about time too.
‘Glasshouses’
‘This is the fancy new term for a garden greenhouse. You can thank the Beckhams,’ says Daniel.
These outdoor glasshouses, which have long been seen as extensions of kitchens, now have a renewed interest thanks to Netflix’s Beckham documentary.
The family’s own greenhouse features a modern ceiling-to-floor full glass walls and Victorian-inspired spiked finials on the point of the roof – so, naturally, people want a home with one too.
Bungalows
No longer a guilty pleasure, bungalows are set to be back with a bang in 2024, according to Daniel – and considering they’re usually freehold with big plots and have lots of doer-upper potential, it’s a no brainer really.
Despite being undesirable for a while, things are changing this year as people are seeing a bungalow’s full potential.
Three-storey living
They’re functional and pretty (Picture: Getty)
The huge surge in remote and hybrid working has paved the way for three-storey living and it’ll only grow in popularity in 2024, say experts.
Alison MacLean, the head of marketing at St. Modwen Homes, says: ‘Beyond the aesthetic appeal, an additional floor provides the ideal solution for creating dedicated home offices that are away from the hustle and bustle of the main home.
‘We’ve noticed that families’ needs for versatile living spaces have increased, and so we predict that three-storey living will be preferred amongst homeowners who want to seamlessly integrate professional and personal aspects of their lives.’
TikTok as a property search platform
We already turn to TikTok to food and fashion inspo – but house-hunting could soon take centre stage on the platform too.
‘In 2024, we’re predicting a major shift, especially amongst the younger generation, who are turning to TikTok over traditional property portals for a more engaging and interactive home-buying experience,’ adds Alison.
‘As the property market evolves, TikTok is a game-changer, offering an unprecedented platform for professionals and individuals alike to showcase properties.’
The outs…
A sellers’ market
It’s good news for buyers (Picture: Getty)
With more supply than demand, buyers will continue to be in a stronger position in 2024, says Daniel.
We’ve already been seeing this over recent months with sellers accepting discounts of £18,000 on average, in order to agree a deal with interested parties – all because the UK is in a ‘buyer’s market’.
Ridiculous rental growth
There’s good news for renters too – especially those in the capital.
Daniel adds: ‘The growth rate for rents is projected to halve over 2024 to 5% – the lowest rate since September 2021 – and London will lead the slowdown.’
Accepting the first mortgage offer
Alison predicts the traditional approach of accepting the first mortgage offer will fade away in 2024, due to the fluctuation in interest rates.
She explains: ‘Savvy homebuyers now recognise the importance of shopping around and exploring various options, and we expect that this year more and more people will take the time to find the best mortgage deal.’
Relying on your gut feeling
Buyers shouldn’t rely on gut instinct or emotions, but adopt a more strategic approach in 2024, says Alison.
She adds: ‘We encourage homebuyers to approach the process with a clear criteria, ensuring that their chosen property aligns with practical considerations. As homes serve multiple purposes more than ever before, decisions should be made with a comprehensive perspective.’
Property ins and outs for 2024, according to Zoopla:
Ins:
More competition between mortgage lenders driving lower rates for buyers and remortgagers.
Improved affordability for first-time buyers as incomes rise and house prices drop 2% over the year.
‘Glasshouses’ – the fancy new term for a garden greenhouse. You can thank the Beckhams.
London flats – they’ll remain the best value property type in the Capital.
Bungalows – no longer a guilty pleasure, they’re usually freehold with big plots and great doer-upper potential.
Looking further afield – a quarter of potential home movers are saying that they plan to move to a different location from where they live today.
Garages – you might not park your car in them anymore, but they’re consistently one of the most searched for attributes.
Outs:
6% mortgages.
Wood-panelled everything.
People who say first-time buyers can’t get on the ladder because they eat too much avocado toast.
Queuing for your viewing – supply will still outweigh demand, giving buyers more choice and negotiating power.
A sellers’ market – with more supply than demand, buyers will continue to be in a stronger position in 2024.
Ridiculous rental growth – the growth rate for rents is projected to halve over 2024 to 5% – the lowest rate since September 2021. London will lead the slowdown.
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