Property expert predicts a promising 2024 for housing market

A Cheshire-based residential conveyancing specialist is optimistic the property market will enjoy a more stable 2024.

Lauren Hosie of Warrington’s Watsons Solicitors is confident that there are better times ahead for those looking to buy and sell residential property after house prices rose 2.5 per cent in the year to January.

The Bank of England’s data on mortgages approved also show an increase of 26 per cent to 50,459 in December 2023 when compared to 12 months previous.

A forecasted decline in inflation from four per cent to two per cent in the spring as high energy prices ease has also offered the housing market a positive outlook.

Mortgage rates appear unlikely to move from between the 4-5 per cent range, but Lauren believes that will only impact house prices rather than the number of sales.

She said: “We always liaise with other departments within Watsons, such as the wills and probate team, and the consensus is that houses are selling in good time.

“People still want, and in some cases need, to move house, and clients are aware of the current costs involved.

“As the year progresses, there could be stability in the interest rates, which look to be coming down slowly but surely, and it is hard to foresee a real downturn in the market.

“Lenders remain sensible. The 2008 crash helped people learn not to stretch beyond their means, whilst companies removed products such as 100 per cent mortgages.”

Lauren does concede that the rise in rates has adversely impacted the rental market, but even that has something of a silver lining for one section of buyers.

“Mortgage repayments increasing beyond the level of rent received means owners have had to reconsider and sell property,” explained Lauren.

“Whilst that is bad news for the rental market, it has provided increased opportunity for first time buyers who are looking to make that first step on the property ladder.

“People know the cost of purchasing a house is more expensive than when there was a stamp duty holiday, but they are still prepared to pay what they need to.

“There is also a first-time buyer allowance meaning that first-time buyers are not paying stamp duty land tax on anything up to £425,000.”

Watsons Solicitors, which has been established for more than 60 years, specialises in family law, employment law, wills and probate, and conveyancing.

The team of experienced solicitors holds various accreditations and memberships of professional bodies relevant to their expertise, while the firm’s partners oversee all areas of work.