Mark Homer here; I’m deep diving into 6 things you should expect in Property in 2024.
After the significant changes in 2023, including inflation, rent rises, and a fluctuating property market, it’s crucial to look ahead. Let’s dive into the key forecasts:
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🏘️ House Price Stabilization: By the end of 2024, I predict that house price falls will moderate and stabilise. Expect a potential 15 to 20% decrease in property prices compared to early 2022. This presents an opportunity for buyers to acquire properties at a more affordable rate.
📈 Continued Rent Rises: Rent rises are set to persist throughout 2024. Factors like Brexit, the pandemic, and Section 24 have led to fewer landlords, reducing property supply. This scarcity drives up rental prices, creating potential opportunities for landlords.
✒️ Impact of Section 21 Repeal Delay: The repeal of Section 21 (renters reform bill) is delayed, affecting landlords’ ability to efficiently evict non-paying tenants. While it may deter landlords from selling properties, it signals a shift towards a more balanced rental market.
🏛️ HMO Council Tax Rules Repeal: Anticipate a resolution to the arbitrary council tax banding for HMO rooms. The Valuation Office Agency (VOA) is expected to repeal these rules, allowing landlords to bundle HMO rooms under one council tax band, reducing costs and benefiting both landlords and tenants.
🏘️ House Conversion Consultation: In 2024, a consultation is expected to allow the conversion of houses into two apartments. This could simplify the process for developers, especially in higher-value areas, offering new opportunities for property conversion.
💡EPC Rating Relaxation: The government confirms that meeting an EPC rating of C by 2025 is not mandatory. This decision opens up opportunities for landlords to let properties with an E rating or better.
DISCLAIMER: This video is not sponsored, nor is it endorsed, by any third-party affiliates. This is NOT financial advice.
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TIMESTAMPS:
0:00 Intro
0:35 Prediction1 – House Prices
1:18 Prediction 2 – Rent Rises
2:27 Prediction 3 – Section 21 U – Turn
3:43 Prediction 4 – Property Banding
5:05 FREE 42 Tips Guide
5:23 Prediction 5 – PD Changes
8:05 Prediction 6 – EPC SCRAPPING
9:00 Summary
Find out the BIGGEST Investment MISTAKES and the LIES B2L Landlords Believed in 2023! ▶️ https://www.youtube.com/watch?v=jp7tp85R_vI
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