Economic and property market update for 2024
In 2022, the post-pandemic property market truly defied expectations. Average property prices and rents, which were predicted to see somewhere around three to four per cent growth, went up by double digits. And this was despite a bad global and local economy, with a cost-of-living crisis, slow GDP, negative real wage growth, high inflation and a bank rate on the rise.
But what about 2023? Well, the year saw the rental and sales markets move onto different trajectories, with average rents continuing to rise at a record-breaking rate, while house prices started to fall – although by no means as much as anticipated.