The 2024 Property Market—The Year That Bounced Back with Style!

At Browns Estate Agents, we’ve been keeping a close eye on the trends, crunching the numbers, and celebrating the resilience of the residential property market. Grab a cuppa, and let’s dive in!

If 2023 was the property market’s rainy season, then 2024 has been its rainbow. 🌈 While the UK’s elevated interest rates and cost-of-living pressures are still with us, 2024 showed a surprising uptick in activity and optimism. Let’s break down the highlights, shall we?

Sales Agreed shot up by an impressive 17% compared to 2023. This surge proves that the British love affair with homeownership is alive and well. 🏡 Sure, affordability has had to be recalibrated, but people are adapting, and the market has rewarded that tenacity with renewed momentum.

In 2024, homeowners selling their properties secured 97.1% of their initial asking price—not too shabby! With an average asking price of £407k, sellers walked away with around £395k on average. This is a clear sign of a balanced market where buyers and sellers are meeting eye-to-eye (or should we say, pound-to-pound!).

Self-employed agents made waves in 2024, increasing their market share to 1.8%. While this may sound like a small number, it’s a big deal in the real estate world! This model gained traction across the UK (aside from Northern Ireland where the model does not currently exist) and across all price bands, showing that bespoke, personal service is what many buyers and sellers crave.

However, it wasn’t such a good year for online agents, who lost market share everywhere except the South-West. Could this signal a return to more personal connections in property transactions? We think so!

By the end of 2024, buyers had 605K properties to choose from, an 8.3% increase from 2023. Stock availability rose across all price bands, though the biggest gains were in the £1m+ bracket. So, whether you’re a first-time buyer or eyeing that dream mansion, the choices are better than they’ve been in years!

Let’s face it—2024 wasn’t without its challenges. Elevated interest rates and squeezed wallets made buyers and sellers think twice. But here’s the kicker: people still want to move! Whether it’s upsizing, downsizing, or simply starting fresh, the market has proven its resilience.

Buyers recalibrated their expectations, and sellers adjusted their pricing strategies. This mutual compromise created a smoother, steadier market—a far cry from the turbulence of 2023.

At Browns Estate Agents, we’re feeling optimistic about the year ahead. With more stock, motivated buyers, and the resilience we’ve seen, 2025 could be the year you make your property dreams a reality. Whether you’re buying, selling, or just curious, we’re here to guide you every step of the way.

Ready to jump into the market? Maybe you’re eyeing your first home, or perhaps it’s time to sell and move on to your next adventure. Whatever your plans, Browns Estate Agents has you covered.

Drop by for a chat, give us a call, or browse our latest listings. Your dream home (or buyer) might just be a conversation away.

Here’s to a fantastic 2025 and beyond! 🎉

*Information based on TwentyEA Property & Homemover End of Year 2024 Report.