With more predictable house prices, a robust rental demand, increasing rents, and the possibility of lower mortgage interest rates, the investment landscape appears favourable, fostering a positive outlook for 2024.
As we approach the new year, it is crucial for both seasoned investors and first-time landlords to thoroughly assess the current market conditions.
Tom Cooper, a representative from property investment specialist Knight Knox, delved into the potential of the next 12 months and provides guidance for those looking to embark on their property investment journey.
He said: “Investing in property is a significant decision, and 2024 presents unique opportunities for both prospective and portfolio investors.
“Several factors make it an ideal time to consider property as an investment option, and the days between Christmas and New Year are often some of the busiest for us in terms of enquiries.
Read more: Jeremy Hunt signs ‘landmark’ financial services deal with Switzerland
“With time off work comes the rare opportunity for people to take stock of their plans for the future and whether their finances match their aspirations.
“They use their downtime to research different investment options and how to make their money work hardest.”
Investing in UK property is often seen as a secure, dependable, and lucrative means of safeguarding and expanding wealth.
In November 2022, the average price of a UK property stood at £294,910, as per the Government’s UK House Price Index Summary.
Fast forward a year, and the figure has decreased to £259,557, driven by the surge in mortgage interest rates and the ongoing cost-of-living challenges.
This scenario creates an opportune moment for investors to secure competitive deals on properties.
On top of this, the combination of escalating rents and a widespread shortage of rental properties is intensifying the market dynamics for 2024.
The expert highlighted: “The property market has been on a widely publicised rollercoaster over recent years.
“While it’s had its fair share of negatives, the media spotlight has caught the attention of many people wanting to learn more about the buy-to-let industry and how it could benefit them.
“As a result, the typical profile of an investor has changed. We’re seeing people of all ages and from all walks of life investing – those in their 20s and 30s with an inheritance they’re keen to spend wisely or retirees who want to build a safe financial future for their children.”
