Ashtons New Year Market Review 2024
As we enter 2024 the New Year property market has started strongly. The previous year was one of the most challenging markets we have seen since the financial crisis of 2008/9. The market faced a perfect storm of uncertainty. The cost of living crisis created by rapidly rising inflation in the first half of the year resulted in a rapid rise in the base rate of interest by the Bank of England. Economic growth through the year was sluggish at best. Thankfully the housing market began to stabilise in the last quarter of the year as the cycle of interest rate rises peaked at 5.25% in September and inflationary pressures eased to 3.9% in November. Well down on the figure of circa 9% at the beginning of the year.
30 January 2024
Hertfordshire
Property Market Update