Encouraging Start to 2024 in the Housing Market

Data published by the Bank of England at the end of February demonstrated a 7% increase in mortgage approvals. Average mortgage rates are continuing to reduce, albeit slowly, following the trend from the latter part of 2023.

Although house sale completions are still down, the RICS Housing Market Survey suggested market activity levels are 13% above the pre-pandemic average.

Graves Jenkins’ valuers are finding that many agents are positive about the prospects for market improvements during 2024. That said, many are continuing to report that buyers remain price sensitive.

The March 2024 Budget saw the removal of multiple dwellings relief and the reduction of the capital gains tax rate for second home and buy to let purchases.