Gareth Davies, Managing Director at Grosvenor Surrey
What a year it’s been.
I’m pretty sure I speak on behalf of everyone when I say that 2023 has not been without its challenges.
Interest rates, the cost of living, mortgage availability and a general economic malaise have all affected the property market in one way or another - and Elmbridge is no exception.
Despite huge demand for properties in and around Cobham, Claygate and Hinchley Wood, those looking to sell were reluctant to do so in 2023 given media reports around falling property prices. Yet, by the second half of the year – and certainly throughout Q4 – this began to markedly change.
So, in the spirit of Miles Davis, who once said ‘Always look ahead, but never look back’, let’s look at what’s in store for 2024?
The road to recovery
At the time of writing, house prices have risen again and mortgage rates have fallen, both of which point to a stronger - and certainly more buoyant - property market in 2024.
Sales across our three offices have also increased substantially over the last few weeks, too. This is particularly notable, as the end of November and December is typically a time of the year when interest in property wanes as the festive season begins to take hold.
However, this surge of interest, combined with the number of instructions we’ve received for 2024, leads me to believe that this momentum will continue into the New Year.
Running out of patience
We know anecdotally that many of our clients, some of whom have spent 2023 waiting for things to significantly improve, have grown tired of this uncertainty and are now prepared to make a move in the New Year - regardless of what’s happening externally.
It seems that homeowners across Elmbridge are running out of patience. And, with Rightmove predicting that any fall in property prices is likely to be limited to only 1 per cent nationally by the end of 2024, it begs the question ‘is it worth waiting any longer?’.
As mortgage rates continue to fall, homeowner confidence will continue to grow. Ultimately, this will lead to greater choice and a property market that’s more in line with the levels of movement we saw in 2022.
However, whilst we’re expecting to see more properties come onto the market, correct pricing will remain critical. Thankfully, that’s an attribute that Grosvenor Surrey has become synonymous with.
So yes, 2024 will be a much better year for property. However, in the meantime, and on behalf of the whole team, Grosvenor Surrey would like to wish you a very Merry Christmas and a wonderful New Year.
Ready to move in 2024? Contact your local Grosvenor Surrey office to arrange a valuation of your property before Christmas in order to avoid the post-Christmas rush.