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April 18, 2024
PI Global Investments
Property

‘Exciting’ year ahead for Lake District property market


Gemma, who runs Lake District Relocation Ltd covering the Lakes and Dales, says there is a surge in interest from people deciding it’s finally time to move home.

“It’s going to be an exciting year for us,” said Gemma.

“Many people didn’t want to do anything in 2023 because they were waiting to see if there would be a property crash, but that actually never happened. The prices in the area became more realistic last year.

“Many buyers are saying they are not going to wait another year and they want to get on with their life.

“Providers are now offering mortgage rates of under four per cent and there is more competition in the mortgage market now, which means that the consumer has more choice and better deals which stimulates the market. So, I believe it will be a busy year.”

However, despite this renewed confidence, Gemma predicts that overall growth in the housing market in 2024 will be balanced by the slowing effects of a pending general election and cooling prices.

“This will be a levelling year,” said Gemma. “Prices are not at the highs we saw in 2021 and 2022, and I can’t see us having a crash unless something unexpected happens.

“We don’t know when the General Election will be, but if it happens this year the likelihood is it will calm things.

“It doesn’t mean that prices will drop but activity typically slows down as people wait to see what happens. This is a great time if you are an active buyer.

“I don’t believe there will be growth in prices overall in 2024 because as soon as the election is called it will cause things to level out.”

“In Cumbria, popular places like Kirkby Lonsdale, Staveley, Sedbergh, Langdale and Ullswater will remain in demand.

“Areas on the fringes of the Lake District National Park and further away will see less demand as we have come out of the big boom period following the pandemic,” said Gemma.

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“Buyers are less willing to take on properties which need work doing to them because construction prices are still really high.”

Gemma says this year will bring some rare opportunities for those looking to purchase a luxury property in the Lakes.

“When it comes to top prime properties, at the moment it is incredibly busy,” she said. “We are seeing a number of houses over £2 million, and those are the types of houses that might only come onto the market once or twice in a 10-year period.”





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