Podcast #97 - The Outlook for the Housing Market: A Surveyor's Point of View

Added 29/02/24 - 1 min read

In episode 97 of the Growth Series podcast, Gurpreet Chahal, Corporate Account Manager at Accord Mortgages, speaks to Giles Smith, Technical Director at SDL Surveying, about what’s in store for the housing market this year.

Gurpreet begins by asking about the general outlook for house prices in 2024 and Giles answers by predicting a more volatile year ahead. This, he says, makes it a little harder to predict the future this year.

Next, Gurpreet asks how geography will play a part. Giles says the market is currently going through a transition period, as people who previously said they'd never work from an office again are now being asked to go in two or three days a week on a hybrid basis at the moment.

As a result, many people are being drawn back to busy urban areas, rather than attractive rural locations with limited infrastructure.

The pair then discuss what the current state of the market means for first-time buyers, home movers and landlords. Giles predicts that we will see more incentives for first-time buyers being offered ahead of this year’s general election, as many renters are angry about the affordability of property right now. He adds that while many people still want to be landlords and make money out of property, yields are softening.

Next, the conversation turns to the outlook for rental prices in 2024. Giles believes that rent will still be high this year, partly because of a scarcity of rental property. However, he warns that the level of rent has become unaffordable in some parts of the country, which means many landlords won’t be guaranteed year-on-year rises in yields.

Finally, Gurpreet asks what are the key factors that can impact valuations and Giles states that mortgageability and saleability are the two key issues that valuers consider.

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00:45 to 48:55