"With inflation seemingly under control and the Bank of England hopefully reducing the base rate soon, all signs are pointing to a much better year for the property market"
- Colby Short - GetAgent
GetAgent has revealed that a majority of UK estate agents are confident about the year ahead, believing the market will continue to stand firm, albeit an appropriate approach to pricing remains imperative to success.
A new survey of almost 600 UK estate agents, commissioned by the estate agent comparison site, found that 55% are confident about the market in 2024.
The continued volatility of higher mortgage rates ranked as the biggest obstacle for the year ahead, followed by wider market uncertainty and the stubbornness of inflation. However, house price depreciation and a lack of both buyer and seller activity were far less of a concern.
As a result, 40% of agents believe house prices will stand firm in 2024, with a further 29% anticipating an increase.
When it comes to current market activity, 18% have seen an increase in the number of new seller enquiries so far in 2024 when compared to this time last year, while 39% stated they were as busy as this time last year.
Similarly, 15% have seen an annual increase in the level of for-sale stock they are holding, while 40% are as busy as last year in this respect.
15% have also seen a year-on-year increase in the number of buyers making offers so far in 2024, with 35% again stating that buyer activity is at a similar level to last year.
It’s important to note that while 2023 proved to be a more challenging one for the property sector, many of these challenges materialised later in the year. So while many agents are currently as busy as they were at the start of 2023, this still suggests that they may have seen an increase in activity versus the latter stages of last year.
But while there is widespread optimism for the year ahead, it’s clear that buyers are still treading with caution as a result of higher borrowing costs and estate agents must approach the valuation process sensibly.
Just 10% of agents surveyed by GetAgent said that buyers are submitting offers at above asking price in the current market and, more significantly, 63% are making offers at below asking price.
30% of estate agents also stated that they had seen an increase in properties being downvalued, with 36% seeing an increase in the number of homes falling through.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “It’s great to hear that the majority of agents are feeling confident about 2024. Our own numbers reflect the feedback from agents around increased market activity with a record-breaking number of vendors referred in the first 2 months of the year.
"As always, it is important for us all to see the increased stock moving through the funnel and transactions completing. However with inflation seemingly under control and the Bank of England hopefully reducing the base rate soon, all signs are pointing to a much better year for the property market.”
