2024 Property Market Recap: National and Gravesend Highlights
As we close out 2024, it’s time to reflect on the property market’s journey over the past year, both across the UK and right here in Gravesend. Whether you’re a buyer, seller, or simply curious about the housing landscape, this blog will cover key developments and trends that shaped 2024.
National Market Overview
Interest Rates and Mortgages
The year began with challenges from the high interest rate hikes of 2023. However, as 2024 progressed, there was some stability in mortgage rates, offering a glimmer of hope to buyers and homeowners looking to remortgage. By mid-year, rates began to settle at an average of 5.5% for fixed-term mortgages, though affordability remained a concern for many.
House Prices
After a slight dip in house prices at the end of 2023, 2024 saw a mixed picture. Prices in some regions experienced modest growth, while others stagnated or slightly declined. Nationally, the average house price at the end of 2024 stands at £285,000, reflecting a cautious recovery in the market.
Government Policies
- First-Time Buyer Incentives: The government expanded the First Homes scheme, offering discounts of up to 50% on new-build properties for eligible buyers.
- Energy Efficiency Push: The government’s focus on energy efficiency standards intensified, with grants available for retrofitting older properties. Sellers were encouraged to improve their Energy Performance Certificates (EPCs) to attract buyers.
- Stamp Duty Changes: Temporary adjustments introduced during the pandemic were confirmed to be phased out by April 2025, returning thresholds to pre-2020 levels.
Rental Market
Rents continued to rise, driven by high demand and limited supply. Landlords are bracing themselves for the introduction of the Renters Reform Bill, which will radically change the private renting sector as we know it.
The Gravesend Property Market in 2024
Local House Prices
Gravesend mirrored the national market’s modest growth trend. The average property price in Gravesend at year-end is approximately £350,000, marking a 2% increase from 2023. Family homes, particularly three-bedroom semi detached and detached properties, remained in high demand.
Rental Market Trends
Rental demand in Gravesend soared, especially among young professionals and families relocating for our excellent transport links and schools. Average rents for a two-bedroom property climbed to £1,250 per month.
Key Takeaways for Buyers and Sellers
For Buyers
- Opportunities: Stabilising mortgage rates and government schemes make now a good time to consider buying, particularly for first-time buyers.
- Local Insights: Look for properties in Gravesend’s up-and-coming areas, where new developments offer excellent value.
- Energy Efficiency: Prioritise homes with high EPC ratings to save on energy costs and future-proof your investment.
For Sellers
- Market Your Home Effectively: Ensure maximum coverage by instructing the right agent with varied techniques, not just relying on the portals. Highlight energy-efficient upgrades, proximity to transport links, and any recent refurbishments.
- Realistic Pricing: Work with us as your local estate agent to set a competitive price based on current market conditions in Gravesend.
- Timing Matters: Spring and early autumn remain the busiest times for sales, so plan your listing accordingly.
Looking Ahead to 2025
While 2024 brought a mix of challenges and opportunities, the outlook for 2025 suggests continued stabilisation and growth in both the national and local markets. Gravesend, with its strategic location and ongoing developments, is well-positioned to attract further interest from buyers and investors.
For tailored advice on buying, selling, or renting in Gravesend, get in touch with our expert team at M&M Estate and Letting Agents. Let us help you navigate the property market with confidence.