This is the time of year that property websites get an incredible amount of traffic, and in 2024, there should be a lot of great homes to choose from.
We've hit the traditional new year rush, so you may be wondering, is now a good time to start a property search?
Especially heading into 2024, it seems the answer is yes. Here’s why:
A mortgage miracle
Photograph: View from a balcony by Foxtons Specialist Photography
Would-be movers got a surprise Christmas gift from the Bank of England, when they chose not to raise the base rate. Recently, mortgage rates have been easing and acceptance rates have been beating predictions, so we can anticipate some excellent mortgage products for the new year rush.
A market for everyone
We are headed into be an especially exciting new year market. James Stevenson, Foxtons Area Director – South & South West says, “If you’re looking at trading up or down alongside your sale, the choice in this market makes it a great time to buy. All in all, there is a fairly even balance between buyers and sellers, in terms of who holds the negotiating power. This might be the best market we have seen for a while that suits all parties.”
Plentiful property
Rightmove’s latest analysis reveals “the number of homes being listed by estate agents on Boxing Day has nearly tripled (+173%) since pre-pandemic 2019,” and that last year, “a record number of new sellers came to market on Boxing Day, 46% higher than 2021.”
If you get started now, you're sure to find your dream home in this market.
Shaun Bailey Foxtons Sales Director – North & North West says, “We are still seeing a lot of competing bids to secure the best-priced property, contrary to the media narrative.” We recommend you get your mortgage agreement in principle first, and research what properties around the area and size your looking for cost. With a clear understanding of what and where you can afford, you should be able to make decisions quickly, and avoid being out-offered.
The buyers who will lead the charge
Rightmove’s analysis also found that, “the number of buyers sending enquiries to estate agents about homes for sale more than tripled (+250%) from the Christmas Day lull to Boxing Day.” There will be lots of homes, lots of opportunities and lots of competition in the new year. So if you want to be successful, there are a few things you can do to get ahead of the game:
1. Sign up for property alerts
If you register your search on My Foxtons, we can let you know when properties that match what you’re looking for are listed.
2. Get a mortgage agreement in principle
If you have a mortgage agreement in principle whenever you walk into a home you love, you can put in a much stronger offer, as it tells the seller you’re prepared and serious. So it’ll back up any offer you make. It also gives you a really clear understanding of the mortgage you can achieve, so you can view with confidence.
We recommend you book a free consultation with Alexander Hall to get started on your mortgage agreement in principle.
3. Find your solicitor
It is highly recommended you hire a solicitor to conduct the searches and enquiries around your property purchase. If you find your solicitor early, and ensure you are prepared, the paperwork stage should go more quickly and smoothly, which is vital to a property purchase.
We recommend Conveyan, the panel of independent solicitors who have been hand-picked for their expertise, speed and efficiency on Foxtons cases.
Selling as well?
If you’re selling to buy, you’re in luck. As we said, this is going to be a good market for both buyers and sellers. You will want to start with a free property valuation, so you can plan your strategy and make the most of the market.
Learn more about selling in the new year market.
More resources for buyers:
Yes, it’s still a great time to buy your home in London
See why it's an excellent time to put down roots in the Capital.
This might just be the best time to buy off-plan
Here's a good move for the forward-thinking Londoner.
First-time home buyer guide: how to get on the London property ladder
A guide to finding and procuring your first home
What a City worker wants in a home
City workers are moving east - here's why.
Buying or renting in London: what’s easier on your wallet?
Do you prefer the flexibility of renting or the security of buying?
Londoners call for new homes: developers respond with exciting projects
See what's in store for the London skyline in 2024.
Downsizers driving London demand for new homes
For some, it's the dream - cutting back on space to make room for your lifestyle
