As 2023 draws to a close, looking back at the rollercoaster that was 2023 which started still incredibly buoyant off the back of COVID-19 but has slowly shifted into a more normal market which historically we would have seen pre 2020. Higher interest rates and the cost of living increasing limited access to mortgage credit and affordability constraints also dampened the external remortgaging activity, however with this being said, there was growth in the internal product transfer market, where affordability tests were not required.
Whilst the increase in mortgage lending rates may have come as a shock to many given the incredibly low levels of mortgage rates during the pandemic, it is important to remember that these low levels of rates were the exception rather than the rule.
So, what do we believe will happen in 2024?
The outlook for 2024 is one of continued challenges, it is not expected that mortgage lending or interest rates will ease significantly coupled with a continued cost of living crisis, proactivity from the correct agent is key and a level of realism around pricing from both agents and sellers. Having the ability to advise on strategy and marketing presence with a transparent approach, alongside eye catching visuals will be paramount to success in the 2024 market.
George F. White as a multi-service offering is advantageously positioned to offer a second to none service and advice to allow even the trickiest of sales to become a success story. It is this unrivalled work ethic which is one of the key reasons that our new Durham City Centre office was chosen to be a proud guild member in 2023, which is a national network of approximately 800 independent agents all chosen for their service standards and exceptional knowledge.
Despite media headlines telling us the November and December markets are slower than those in 2022, we have continued to perform for our clients and have also had success selling two high end properties off market given our extensive mailing list and proactivity. Although the market has become more challenging, we have continued to exceed sales, meaning we are dealing with a higher volume of sold subject to contract properties, therefore as a business, we felt it be beneficial to recruit a sales progressor into the team. By making this decision, we have been able to allow other parts of the team to focus on a high level of customer service and achieving the best possible price for our clients’ properties which will continue into the 2024 market.
If you would like advice on selling or letting your property please call us on 0333 920 2220.
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