Understanding how the property market is evolving is crucial to making informed property decisions, especially if you’re considering a move. Let’s take a look at how the market has been shaping up so far this year, why it is a good time to move, and how you can make the most of today’s market.

Property prices are stabilising

According to Zoopla’s house price index, property prices did not change between the end of 2023 and early 2024 and decreased by just 0.8% compared to the same period 12 months prior.* This could be indicative of the country’s economy stabilising, with the government freezing interest rates at 5.25% over this period.

As a stabilising market increases the number of affordable properties available, it becomes easier for buyers to find a reasonably priced home within their budget. It also creates a less frantic market, which paves the way for a smoother buying process, allowing buyers to secure their desired property with less pressure from competing offers.

Buyer demand has increased

The start of 2024 has seen a promising increase in buyer demand, with figures showing a 12% increase compared to 12 months ago.* This could be attributed to the re-appearance of sub-5% mortgage rates, subsequently improving buyer affordability. Similarly, there has been a 15% increase in new properties appearing on the market for sale since last year.**

One of the primary benefits of higher demand and supply is the possibility of quicker home sales as more individuals look for properties. The increasing supply also ensures that there is a wide variety of properties to choose from, making it easier for buyers to find their dream home.

Housing market activity has also increased

The overall number of agreed sales has continued to remain high in early 2024, indicating that buyers and sellers are becoming more aligned when it comes to pricing. With new sales up 13% in the past 12 months and the flow of homes listed for sale up 22%,* it is clear to see that sellers are feeling much more confident.

The alignment in pricing expectations between buyers and sellers allows for smoother negotiation processes, as both parties are likely to reach an agreement more quickly. This reduces stress for both parties and increases confidence that the price they have reached is fair.

How your agent can help

An experienced estate agent can help you benefit from stabilising property prices, improved buyer demand, and increased market activity by using their knowledge and expertise to help you take advantage of the market's current conditions. They possess in-depth knowledge of the market and keep up to date with the latest trends, allowing them to provide valuable insights and an accurate valuation of your current property to help you make informed decisions for the future. 

Ready to make your move?

It’s come to the end of your current tenancy agreement, and your tenants are ready to move on, but are you? We’re here to supply you with a simplified checklist on how to get ready to place your property back on the rental market. 


Agreed-upon end date 

If you have tenants that have decided to leave or whose contract has ended for your rental property, then you need to ensure you have both confirmed an end date. This is extremely important to ensure that all parties involved are aware of this agreed-upon end date. This should be written down in a contract. This contract should include the signatures of all parties so it can be proven that you have both agreed on it. This will give you a small fraction of safety and protection in case the tenant does not leave the property by the agreed-upon end date. Having this date in the diary will also allow you to plan so you have a smaller gap between tenants. 


Inspect the property

Inspecting the property is one of the most important steps when it’s the end of a tenancy. This will allow you to identify if they have cared and maintained respect for you and your property. Once they have removed all their belongings from the property, you need to ensure you complete a thorough inspection. This inspection will allow you to confirm whether you return their deposit or not. As a landlord, you will need to provide a good reason with evidence to not return their deposit; otherwise, they could penalise you and involve the court. During this inspection, it is also important that you make sure the past tenants have removed all their items from the property.


Check previous payments

Finally, before exchanging the keys and returning the deposit for the property, we would recommend going through all your previous payments with them. This will allow you to guarantee that they have completed all their payments. We would also recommend checking if there are no outstanding council tax and utility bills under the address of the property before parting ways with the tenants. This will allow you to once again be certain they were good, respectful tenants before returning their deposit.
 

Deep clean 

Once you have completed the process with the previous tenants and you are happy, we advise deep cleaning your property in preparation for new tenants. This is not a required step, but if the past tenants have not returned the property to its original state, you can claim the deposit. This can be used to pay for a deep cleaning service and anything else you may have to fix within the property. 

Re-list your property 

Are you happy with your property? If so, the next step is to get it back on the market! After taking updated pictures of the property, it can then be listed and show encouraging new tenants for the future.

If you are an independent landlord or a new landlord entering the market for letting, we advise collaborating with an estate agent. This will reduce your involvement with clients and leave fewer tasks on your to-do list. Allowing you to rent out your properties stress-free.

Get in touch with us today if you are seeking advice