What Kings Lynn landlords should expect in 2024?
Welcome to My House Online, your friendly neighbourhood estate agents serving the delightful community of Kings Lynn! Despite the challenges faced in 2023, we're here to share some good news for landlords looking ahead.
While the future remains uncertain, experts suggest that interest rates and inflation may have reached their peak, offering hope for a brighter economic outlook.
Here's a glimpse of what's on the horizon for the next 12 months:
1. Demand
The demand for rental properties continues to outstrip supply, promising ongoing strong occupancy rates. At My House Online, we anticipate rental growth of 6% to 7% in 2024, according to Zoopla's forecasts.
2. Changing Search Habits
With rental costs on the rise, tenants are increasingly seeking shared accommodations or smaller flats, exploring more affordable areas, and considering smaller properties. This shift aligns with a long-term trend, as highlighted by the Resolution Foundation.
3. Energy Efficiency
In response to soaring utility costs, tenants are placing greater emphasis on the energy efficiency of properties. At My House Online, we understand the importance of energy efficiency trends, which we anticipate continuing into 2024.
Following fluctuations in interest rates, there are signs of stability ahead. The Bank of England base rate is expected to decrease to 4% by the end of 2024 and further to 3% by the end of 2025, offering reassurance to landlords. Plus, with an expanding range of mortgage products, arranging financing for your property has never been easier.
5. Inflation
While inflation impacted repair and renovation costs in 2023, there's optimism for a slowdown in price rises. At My House Online, we're keeping a close eye on inflation trends to ensure our clients stay informed.
For more insights into the local rental market and expert advice tailored to your needs, get in touch with My House Online today!
6. Property insurance
You can fins out more about landlords insurance here
Please note: These predictions are based on expert forecasts and may be subject to change.
