Autumn 2023 – Property Market Update

During autumn 2023, the UK rental property market has been experiencing significant shifts. Falling mortgage rates, which have dropped below 6%, are a positive development for homeowners and have the potential to indirectly benefit renters through potentially slower rent increases and more competitive rental prices. Interestingly, the local housing market might not align with national trends, as some areas are witnessing stable or even decreasing asking prices, offering renters opportunities to secure more affordable rental properties. Predictions by Halifax indicate that house prices may continue to fall into 2024, a factor that could encourage more people to opt for renting over buying.

Furthermore, insights from a study by Rightmove reveal that buyers prioritise “fixer-uppers” in a market with high mortgage rates, while renters are emphasising energy-efficient features like double glazing and smart heating systems. Both renters and buyers value new boilers and storage space, but buyers often seek properties with gardens, signifying a longer-term commitment. To navigate this dynamic market successfully analysing local trends and adapting to evolving preferences are key for both tenants and landlords.