What’s IN and what’s OUT for property hunting in 2024 

Every year, we’re excited to see the latest trends in house-hunting from our customers across the UK. Recently, we sat down with our Head of Marketing, Alison Maclean, to discuss what we think are the big ins and outs for potential homebuyers in 2024.

Commenting on the ins and outs of the property market in 2024, Alison MacLean, Head of Marketing at St. Modwen Homes, said:

“As we navigate the ever-evolving landscape of the property market in 2024, it’s evident that certain trends are reshaping the way we all approach home buying. This comes in a variety of forms, like a heightened focus on sustainability to adapting our living spaces for work and home life. It is clear that the dynamics of the property market are undergoing a significant transformation.

But, what’s going to be ‘in’ and ‘out’ this year, and what preferences and considerations are we predicting homebuyers to have in 2024?

The ins:

1. Sustainability and energy-efficient homes
   “In 2024, we predict that homebuyers are going to continue to prioritise both sustainability and energy efficiency. From solar panels and air-source heat pumps to smart-home technology, environmentally conscious features are becoming a must-have. With Google searches for ‘sustainable houses’ increasing year-on-year, buyers are not only looking for properties that reduce their impact on the environment, but they’re also aware of the long-term cost savings associated with energy efficiency too. 
2. Three-storey living
   “The huge surge in remote and hybrid working has paved the way for a long-term rise in demand for three-storey living. Beyond the aesthetic appeal, an additional floor provides the ideal solution for creating a dedicated office space (or home gym!) that is away from the hustle and bustle of the main home. We’ve noticed that families’ needs for versatile living spaces have increased, and so we’re anticipating that three-storey living will continue to rise in popularity amongst homeowners who are looking to increase their living space without over-stretching their budget.

3. TikTok as a property search platform
   “In 2024, we’re predicting a major shift, especially amongst the younger generation, who are turning to TikTok over traditional house-hunting portals for a more engaging and interactive home-buying experience. As the property market continues to change year-on-year, TikTok is a game-changer, offering an unprecedented platform for professionals and individuals alike to showcase properties. With virtual house tours becoming an integral way of how we showcase our homes, this is a trend which looks continue to grow in 2024!

The outs:

1. Accepting the first mortgage offer
   “We expect that the traditional approach of accepting the first mortgage offer will fade away in 2024 due to the fluctuation in interest rates. Savvy homebuyers now recognise the importance of and exploring various options, and we expect that this year more and more people will take their time when assessing the best mortgage offer for themselves.

2. Relying on your gut feeling
   “Embracing a more strategic mindset is crucial and we believe that buyers should no longer rely solely on gut feelings. We always encourage homebuyers to approach the process with a clear criteria, ensuring that their chosen home aligns with practical considerations such as affordability, location and even family life. As our homes serve multiple purposes more than ever before, decisions should be made with a comprehensive perspective.

3. Overpaying for sustainable features
   “While sustainability is a key consideration, overpaying for green features isn’t necessary anymore. At St. Modwen Homes, our energy-efficient properties are priced appropriately and not out of reach for house hunters, including first-time buyers, home movers, and downsizers. Therefore, buyers who are looking to sustainable features to help control their energy bills won’t have to sacrifice on price or aesthetics.

“Overall, we predict that the property market in 2024 will be characterised by a blend of practicality, technology integration, and a commitment to environmental responsibility. As we move forward, we’re committed to embracing these emerging trends and know that they will empower homebuyers to make informed decisions that align with their values when considering a new home.”