January Property Market 2024

Rates Remain Steady

Mortgage Rates

The current Bank of England base rate is 5.25% as of 1st February 2024. However, Rightmove states that the average five-year fixed mortgage rate is currently 4.64%, and the average two-year fixed rate is 4.97%. These have dropped compared to December, so rates are steady overall.

Skipton Building Society is cutting selected residential and buy-to-let (BTL) fixed rates by up to 0.46% from January. The slight decline in rates will work in favour of investors if the trend continues because decreasing rates will result in smaller repayments for landlords.

A Resilient Market, Activity Remains High

Property Market

These statements prove that the property market is strong, and it is the perfect time to invest. Those who purchased a property in the last few years are now benefiting from the returns on investment and in future, as properties appreciate, investors can release equity to have access to extra cash!

Market activity is currently high with the number of sales agreed up year-on-year across all countries and regions. Yorkshire and the Humber are leading the way with an increase of 19%, followed by the West Midlands with a 17% increase. Interestingly, the final weeks of 2023 recorded 17% higher sales in comparison to a year ago. This data shows that buyers are confident in the market as buyer demand is growing. Rental demand is increasing alongside this as more people are looking for properties to rent, meaning properties will be quickly occupied.

Invest in Leeds

Leeds has many plans for regeneration and is continuously growing. It is predicted that as a result of the South Bank Leeds regeneration project, the population of Leeds will have a growth of more than 30,000 and around 35,000 new jobs will become available.

As part of the Leeds South Bank Regeneration project, Aire Park will transform a large, unused part of Leeds city centre around The Tetley when it is completed in 2025. The office buildings and homes from Phase One are now completed, while Phase Two is well underway. This development plans to create 75,000 square feet of office space and 7,000 square feet of retail and leisure space. The regeneration schemes planned will enhance desirability in the area, attracting a larger pool of potential tenants.