The Market

Buying agency Recoco Property Search looks ahead to the key property market trends to watch in prime regional hotspots through the coming year.

November's annual rate of 6.9% was the lowest seen since September 2021, reports LonRes.

The number of sales above £10mn in the capital has hit an eight-year high, writes Tom Bill, although political risks remain.

UK resi values are likely to 'fall marginally' in 2024, says property consultancy.

'The resilience of global house prices is surprising in light of rising costs for mortgage borrowers,' says Knight Frank - although resi transaction numbers have tumbled by 15% to 25% in many developed…

The days of Cornish property selling unseen, over the asking price, overnight, are a long and distant memory, says Josephine Ashby of John Bray Estates.

The sales data still shows a relatively subdued picture, but central London agents are reporting busy conditions across the prime postcodes.

'The Bank of England’s decision to hold Bank base rate at 5.25% is likely to bring more confidence to the UK housing market,' says Savills.

'The overall picture in the last year was rather beige but there have been some pops of colour,' says PCL buying agency Black Brick.

The number of estate agents operating across the UK has increased by 1.9% in the last year, despite a decline in transaction numbers.

Sentiment in the property market is becoming 'a little less negative', says the RICS.

A record number of new sellers came to market on Boxing Day last year, says Rightmove - 46% higher than 2021 and 173% above pre-pandemic 2019.