In 2024 we seem, once again, to have been plagued with buyer indecision with the year starting slowly and then with the market stalling at the announcement of the general election and the uncertainty of changes to policy in the lettings and sales markets.
Unfortunately, the change of government and changes afoot to Renters Rights as well as stamp duty, inheritance tax and unclear policies to come not yet defined, many property owners haven’t sprung into action, unless it is to dump HMO properties and rentals.
Sheffield has seen a monumental drop in university applications this year creating further confusion and a surge of investment stock onto the market, many of which have reverted to residential ownership.
We keep saying that nothing else can stall the market after riding storms of a global pandemic, the war in Ukraine, global political uncertainty and changes to the world’s leading countries, a change of government, 14 increases in interest rates, chaotic policies, and political indecision, however, what else can possibly go wrong? (*crosses fingers in hope*)
Aspirational movers are the ones we want to see back in the game, with a hope that the top end of the market will slowly start to improve, as the first time buyer market has been pretty consistent throughout the year.
Looking forward to 2025, we see a steady
confidence returning and an acceptance of the government change forcing buyers
to get on with their lives with some ambition in mind instead of standing
still. We live in hope!
It has been an exciting year at Spencer, with the formation of the Trust and the company being sold into employee ownership. The team here are all staying and hoping to see and hear from our clients over the next year and beyond.
The biggest reason that people come to Spencer is through recommendation or repeat business and we thank you all who recommend us and return to us, we couldn't be here without you. A heartfelt "thank you" from all Team Spencer who wish you all a Merry Christmas and a Happy New Year!
