June Property Market Update: Epsom, Stoneleigh, Worcester Park
Thu 27 Jun 2024
As we reach the midpoint of 2024, it's an ideal time to reflect on the current housing market in Epsom and anticipate what lies ahead for the rest of the year and beyond. Recent revisions to house price forecasts reveal a more optimistic outlook than previously expected, providing encouraging news for homeowners, potential buyers, and investors alike.
Optimistic House Price Forecasts
The latest data and analyses from sources such as Dataloft indicate that the housing market is poised for growth. While we have yet to see the Bank of England's anticipated cuts to the bank rate, these are still expected within 2024. This expectation, combined with improving interest rate forecasts and a stronger economic outlook, suggests that house prices in Epsom are likely to rise.
Mortgage Rates and Economic Outlook
To date, reductions in the cost of mortgage debt have been gradual. However, the overall economic environment is becoming more favorable, which is likely to enhance the capacity for house price growth. The improved economic outlook and interest rate expectations are creating a more stable foundation for the housing market, making it an attractive time for both buyers and sellers.
Supply and Demand Dynamics
Despite the positive outlook for house prices, there remains a significant misalignment between supply and demand. This imbalance continues to drive strong rental growth, which is forecast to persist throughout 2024. However, this growth is expected to moderate to levels more in line with earnings growth in the years beyond. For investors, this signals continued opportunities in the rental market, though with a more sustainable growth trajectory moving forward.
As we look ahead to the rest of 2024, Epsom's housing market is showing signs of resilience and growth. The combination of a favorable economic outlook, anticipated interest rate cuts, and a strong rental market creates a positive environment for property owners and investors. At Kaybridge Residential, we are here to help you navigate these changes and make informed decisions in this evolving market. Whether you're looking to buy, sell, or invest, our team is ready to provide the expertise and support you need.
Stay tuned for more updates as we continue to monitor the market and provide insights to help you make the most of your property opportunities in Epsom.