And sales are expected to be hit next year, with a drop stemming from mortgaged buyers, particularly first-time buyers, according to the forecast.
However, estate agent Hamptons say 2024 could be a “year of recovery” helped by some pent-up demand from 2023.
House prices are expected to be 2% higher in the fourth quarter of 2024 than in the same period in 2023.
House sales across Britain will rise from around 1.1 million next year to 1.2 million in 2024, it also predicted.
So, if you’re keen to offload a property before the squeeze hits, removals experts at Lovespace have come up with four key areas you should focus on to help sell your home…
The kitchen is considered to be the heart of the home and it’s the first focus for many house hunters.
If a whole makeover is out of budget for you then you might want to consider re-tiling, replacing the counters, purchasing new appliances or updating the lighting.
If your kitchen is quite compact, open up some space by removing some of the cabinets and replacing them with open shelving – it will automatically make the kitchen more modern and spacious.
The bathroom should be looking fresh and clean. Remodelling a bathroom can be expensive, but a few minor updates can really spruce it up.
You can add a fresh paint to the walls, replace the worn-down cabinets, change the showerhead or replace the shower curtain with a glass screen.
The living room is the place where families spend most time together, so it’s important to make it look cosy and inviting, especially when it comes to staging for house viewings.
A fresh coat paint in a light, neutral colour palette can revitalise an outdated space and make it seem bigger and brighter.
Make sure to declutter the living room before images are taken of your space or ahead of any house viewings.
When making changes to your home, keep in mind that the hallway is the first area that potential buyers will step into, and that first impressions are extremely important.
Many people overlook their hallway as they consider it to be a walk-through area rather than a room, however there’s a lot of simple ways to revamp it.
Make sure you have a coat stand or pegs and a shoe rack, so the hallway doesn’t look messy with piles of clothes and shoes.
You should also make sure that the flooring is in good condition, as this is the most high-traffic area of the house.
If replacing the flooring is out of your budget, then you may want to invest in a nice rug.