Medway Property Market Forecast 2024

December 4th, 2023

How’s the Medway property market going to be in 2024?

One of the most common questions I’m being asked at the moment is what my predictions are for the housing market in 2024? So instead of my usual Medway property market update for December I thought you may find it useful to hear what my predictions are for the new year ahead. Now I’m no economist and I do not have a crystal ball but what I do have is over 10 years of experience in the Medway property market and if you’ve been following me for a while, you’ll know by now that I heavily analyse the property market to ensure I’m giving best advice to everyone I come into contact with.

2023 has seen some turbulent times in the property market. Interest rates have risen to their highest we have seen in some time but the Medway market has remained resilient. The market of 2021 and some of 2020 and 2022 was not going to last forever, it was probably the best performing market we will likely see in our lifetimes so the doom and gloom headlines about prices dropping was to be expected.

That being said, stock of homes for sale is currently up 34% and buyer demand up 10% on 2022. Which shows despite other outside factors there are more people wanting to move home and confidence is high. The average price of properties available for sale in Medway currently sits at £364,000, this the lowest we have seen since March 2022 and resulting in a 7% drop in average asking prices in Medway throughout 2023. Still lower than the average 12% price increase homeowners gained throughout 2021. This grater realism on pricing has resulted in 15% more sales being agreed versus last year. I’ve always said that the Medway Towns outperforms most of the UK because of our transport links, amenities, schooling system and prices relative to the distance from London, the coast and access to Europe.

In a recent survey by OnTheMarket 72% of active buyers in the UK were confident that they would purchase a property within the next 3 months and 58% of sellers in the UK were confident that they would sell their property within the next 3 months. Again showing motivation amongst buyers and sellers is high and the cause and effect or driving factors why people move remain strong.

Mortgage rates and the supply increases have seen us move into a buyers market during 2023. Regardless of a buyers or sellers market, most will be both during their move, so all is relative. Those upsizing will benefit most during 2024 with the % change in higher priced properties being greater than those they are selling. If you’re a first time buyer then don’t wait, In 1957, UK interest rates jumped significantly meaning mortgage rates were 7.5%. If you waited for interest rates to go down to what they were 18 months before, you wouldn’t have purchased a home until 2008. You would have rented for 51 years waiting for rates to go down, meanwhile the value of property increased by 9,351%! Don’t wait to buy property. Buy property and wait.

If you’re thinking of selling your property in 2024 then working with the right estate agent has never been so important. Their knowledge of the market, marketing strategy and integrity is key to achieving the best possible price in the quickest possible time frame. Selling a £10 note for £10 or anything more is almost impossible when there are millions in circulation. But selling the last £10 note on earth when there are other collectors wanting to buy can result in it being sold for multiples than it is actually worth. It’s your agents job to create this for you and uncover the hidden value in your home.

With inflation moving in the right direction and mortgage interest rates consistently reducing over the past month this has installed confidence in the market and we have a high chance of a strong start to 2024 with the ‘New Year Bounce’ of fresh buyers and sellers entering the market. Prices will be stable and fluctuate 2-4% throughout the seasonal trends but will largely be driven by any base rates or stamp duty changes.

If you’d like me by your side in your move for 2024 then please get in touch today on 07557 783325, I’d love to help. Click here for more of an insight to me, how I do things differently, the services I offer and the properties I have for sale.

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medway property market forecast and prediction for 2024