As those of us lucky enough to live in E4 already know, Chingford and Highams Park have been hugely attractive to buyers who are moving out of more central London postcodes that are attracted to the myriad benefits of the area. Fantastic Schooling, some of the best open spaces in London, excellent transport and the community at large. We are blessed to have things like Highams Park Lake, Epping Forest and places like High Beech on our doorstep.It feels like, the property market has had a very bumpy ride over the past eight years, things like Brexit, Liz Truss’s budget and the cost of living crisis have all seen us sailing against heavy headwinds, whilst stimulation packages like stamp duty cuts have created mini booms that have encouraged buyers to race and save taxes, leading to inflated sales figures.Where does all this leave us in 2024? Well, as ever there is no crystal ball and we are barely a week into the year. The feeling in the property industry is positive for 2024. With an election on the horizon, there is no doubt that the incumbent government will want to try and bring a bit of feel-good factor into the media. On top of that, the Bank of England base rate seems to have stabilised at 5.25% (at the time of writing) and had the desired effect of pulling inflation to more comfortable levels, this has led to the main High Street lenders feeling confident enough that they are now offering two and five year fixed terms below the base rate. A sure sign that lenders look at 2024 favourably.The biggest driver is always demand, we have seen 2022 and 2023 with buyers unwilling to commit to purchases whilst interest rates are rising and this caused properties coming to market to have to compete against each other in terms of pricing to attract the few buyers that were out looking.That seems to be turning, at Butler & Stag we are already seeing increased buyer numbers who are more confident that they can secure a mortgage that they are comfortable with. The concern now is that there are fewer homes on the market for sale, this will always lead to prices rising as buyers compete to secure the best homes.As we said above, there is never a foolproof way to judge the property market, but the signs are that 2024 will see a sustainable recovery in transaction levels.As a local business, Butler & Stag are always available to talk to you about your property needs. If you are looking to buy a home in one of the areas that we cover, then our well-trained staff are always happy to make sure that you receive updates on the newest properties as soon as they are available. Conversely, if you are on the other side of the coin and looking to find the true value of your property, our expert valuers are a valuable asset that will give you confidence that, when looking for your onwards purchase you have received the best possible price for your property and have the best team behind you to make sure that your move is efficient and smooth.
