On behalf of the team at Browns, I am thrilled to announce our partnership as headline sponsors for the esteemed Bushey Festival, marking a significant milestone after a successful inaugural year in business.
Today’s figures show that the events from last year are still weighing heavily on prospective buyers’ minds. While lenders have cut mortgage rates and wage growth has outstripped inflation, the turmoil from the past 12 months is still casting a dark shadow on demand.
The property sector is showing signs of recovery and the outlook has considerably improved. Rent values have seen sustained growth, positioning real estate as reasonably valued in comparison to gilts and presenting growth potential.
The pressure is set to keep easing in the next few months, as inflation drops rapidly towards the Bank of England’s target in the second quarter of the year.
The Office for Budget Responsibility says inflation is likely to fall to 2% in the second quarter of this year.
The most significant help for the property market is likely to come from a drop in the rate of inflation.
HMRC has released a report highlighting the effect of stamp duty relief for first-time buyers (FTBs) following its introduction in 2017.
Overall, while rental growth is slowing, the rental market is expected to remain buoyant, with rents continuing to outpace inflation throughout 2024.
A third of property professionals would like to see the reintroduction of Help to Buy or some government-led initiative to help boost the new build sector and first-time buyer marketplace.
