With over sixty years of joint experience in the property market, estate agents Keith Trigg and Simon Meek are behind our new-for-2024, Isle of Wight County Press Property Clinic.
The pair will be offering advice and opinion and are on hand to answer your questions about mortgages, moving and more.
Scroll down to read five property trends for 2024…
Keith Trigg has been working in property for over 40 years and is the managing director of Newport-based Trigg Homes. Simon Meek, from Wright Estate Agency, has worked in property since 1996, when he started as a junior negotiator.
Together, they will address your property questions and tackle some of the issues making headlines, when it comes to homes and property.
Have you got a question for Keith Trigg and Simon Meek of the Isle of Wight County Press Property Clinic?
Isle of Wight house prices in 2024
An average drop of 1 per cent to to 2 per cent in prices is being predicted for sellers, in 2024. However, 2023’s better-than-anticipated activity has shown many buyers are getting on with satisfying their housing needs. There is considerable opportunity to attract buyers, with the right pricing and marketing strategy. With mortgage rates becoming more stable and some new fixed rates being offered, this should keep the market on a steady track, and demand constant, in 2024. However, there is an election coming and this could influence the market.
Isle of Wight properties to let in 2024
The lack of rental properties and the increase in rent will continue, into 2024. The factors driving this are landlords exiting the market due to very little tax relief and the cost of borrowing, for those leaving fixed rates. For tenants, the cost of living, affordability criteria on mortgages and the deposit needed to buy, has pushed demand for rental properties to an all-time high.
Mortgages in 2024
With the Bank of England increasing the base rate many times, in 2023, the search for the right mortgage has been very challenging. Barclays Bank has just released a 5-year fixed rate 4.39 per cent deal, which should trigger other lenders to follow suit. However, it’s essential to consult with a financial advisor or mortgage specialist in 2024, to get the most current and tailored information regarding mortgages. The landscape can change, based on the economic and political conditions at the time.
Flooding
Localised flooding in 2023 has been the scourge of many homes and commercial premises. Flooding can be caused in many ways: From fluvial flooding (overflowing rivers and watercourses); to pluvial flooding (flash floods & surface water floods); and to coastal flooding. We understand there are Government grants available to help with short term issues, and to create longer term resilience.
Heat source pumps and boilers
The Government plans to decarbonise our homes, commercial premises, and both industrial and public sector buildings. An important part of this is how buildings and homes will be heated. Gas boilers are being phased-out, over a period of several years, in favour of greener fuel sources, such as air source heat pumps. Rather than relying directly on fossil fuels, these air source heat pumps rely on a combination of electricity and the air outside. There are Government grants to help towards the cost of changing over and there are pros and cons, worthy of review, before taking the plunge.
