Posted: 1st October 2024
The property market becomes "more stable" in 2024?
As we approach the turning point at the end of the year, let’s take a moment to reflect on the fact that, overall, transaction numbers were down, and the time required for each transaction was significantly extended. But what does 2024 have in store for the housing market?
Next May’s local elections are likely to be a predictable disaster for the Conservatives, and I believe their precarious poll deficit of 20% will remain unchanged, potentially leading to a landslide victory for the Labour Party in the autumn 2024 General Election, especially if the SNP performs poorly in Scotland.
I don’t anticipate any significant shifts in residential property values next year; I expect them to continue moving sideways until there is a noticeable interest rate cut, at which point conditions could improve slightly.
However, I am certain there will be some superficial tax incentives in the Spring Budget, offering short-term relief for those affected, but I doubt this will influence the electoral outcome for the Conservative Party, who seem more akin to the Marie Celeste than a contender for the Admiral’s Cup.
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