As 2024 unfolds, the UK property market is adjusting to a series of significant trends that are shaping the landscape for buyers, sellers, and developers. This article explores the current major trends impacting the market, providing essential insights for stakeholders to navigate these changes effectively.
From the continuing adjustments in house prices to innovations in sustainable building materials, staying informed on these developments is crucial for anyone involved in the property sector this year as we know things can change within a blink of an eye.
Continued Decline in House Prices
House prices in the UK are experiencing a continued decline this year, with forecasts suggesting a drop of between 2% and 4%. This trend is driven by ongoing economic factors such as the expected reductions in the Base Rate and persistent cost-of-living pressures, which are influencing both market dynamics and buyer behaviour.
While mortgage rates are beginning to ease, the overall demand remains tempered, leading to sustained pressure on asking prices across various regions.
Increase in Building Material Costs
The cost of building materials is on the rise in 2024, propelled by increased construction activity and higher demand across the sector. Industry analysts predict a significant uptick in prices, which could impact both new builds and renovation projects. This surge is partly due to the anticipation of new regulations under the Future Homes Standard, pushing companies to stock up ahead of stringent environmental requirements.
For those planning construction projects, understanding the implications of these cost increases is essential for budgeting and planning. Additionally, with changes in property financing and ownership structures, it’s crucial to understand the legal aspects such as the deed of trust. For more detailed information on how these legal documents can impact your property transactions, visit https://www.parachutelaw.co.uk/deed-of-trust.
Rise of Low Carbon Building Materials
This year, there’s a notable shift towards the adoption of low carbon building materials within the UK’s construction industry. In response to government initiatives aimed at reducing emissions from the built environment, materials such as carbon-neutral bricks and ultra-low carbon LC3 cement are becoming increasingly popular.
Additionally, the UK Government’s ‘Timber in Construction Roadmap’ is promoting the use of timber to help achieve net-zero targets by storing carbon within building structures.
The property market in 2024 is characterised by its response to economic pressures, environmental policies and evolving consumer preferences.
