Rightmove have recently released some thoughts on the property market into 2024. Here’s a quick summary of their predictions and data:

• House buyers delayed purchases due to the mini Budget but are expected to resume in 2024 as asking prices drop by one percent.
• Rightmove predicts new seller asking prices will decline by the end of 2024, returning to pre-pandemic levels.
• The average time to find a buyer has increased from 45 days last year to 66 days currently.
• 39% of properties saw price reductions compared to 29% last year and 34% in 2019.
• The first-time buyer market is affected by higher mortgage rates, and efforts will be made in 2024 to attract this segment.
• Current average two-year fixed mortgage rate is 5.52%, and five-year fixed rate is 5.11%.
• More property choices will be available in 2024, giving buyers a stronger position to negotiate.
• The number of available homes has returned to pre-pandemic levels without signs of a significant increase.
• Tim Bannister of Rightmove comments that 2023 has been better than expected, with stable buyer demand for well-priced properties.
• Sales agreed are 10% lower than in 2019, indicating the need for more competitive pricing in 2024.
• Asking price drops will vary by region, with some areas requiring more competitive pricing.
• An overall one percent drop in prices is predicted for 2024, reflecting a potentially challenging year for some buyers and sellers.