As we move into 2024 there is an air of anticipation of economic events and indicators improving as the months progress and following the tough trading conditions of 2023. Many in the real estate business and most commentators believe the market will gain momentum and transactional volumes pick up during the course of the calendar year but how quickly and when?

The outlook for 2024 seems much healthier, with sentiment on an upswing – but whether this sense of ‘relieved optimism’ will be rewarded by a year which will see both the USA and UK enter an election cycle amid the backdrop of unresolved geo-political issues in Ukraine and the Middle East, as well as Covid-enhanced Government debt mountains and relatively uninspiring GDP growth remains to be seen.

The headline Consumer Price Index figure of 3.9% for November - a sharp decrease from October’s figure of 4.6% - was the most significant surprise to the downside since early 2021 with the Price Index now at its lowest level since September 2021.

One expert this week predicted that we may benefit from a surprisingly generous ‘Election Season Budget’ from the Chancellor leading to a significant upswing in market sentiment and a reduction of finance costs going into the Summer ahead of a General Election in Q4.

Moving back on to home territory, how may the local property market benefit from a ‘significant upswing’? I anticipate many proceedable buyers on the look out at present bemoan the presence of a pretty dormant scene, with a disappointingly low supply of New Instructions entering the market. A good many others yearn to become ‘proceedable’, that is to say, having the wherewithal in place to make offers, but cannot afford to borrow following the recent hike in mortgage rates.

It's pretty obvious therefore a ‘significant upswing’ would increase supply, lower the cost of borrowing and put lots of smiles on lots of faces – Bring it on!

Chris Willey is an Independent Property Appraiser and welcomes sale related enquiries on Taunton 01823 412661