Activity across the property market is poised for an uptick as mortgage rates enjoy newfound stability in 2024.
This could stimulate interest in home refurbishments as homeowners consider hiking the value of their property before putting it up for sale.
Anyone with experience navigating the UK residential market will be familiar with the complexities of the rules and regulations surrounding home improvement projects, but additional changes are expected in the coming months.
Joy Aumann, a property expert who has worked extensively in the UK market, and founder of La Jolla Life, broke down some of the updates set to take place this year.
Britons may consider refurbishments to add value to their home
PEXELS
She told GB News: “The good news is these new rules aim to simplify things by streamlining planning applications. However, from experience, more red tape usually has more potential costs too.”
According to Joy, the changes to be ready for include:
- Faster planning approvals under the Levelling Up Bill. But additional fees and requirements could up your costs.
- Meeting the new design standards in the National Model Design Code. This may require pricier materials and builders to get approval
- Proposed right to build larger extensions without full planning permission. However the loss of rights to extend into gardens limits options.
The expert noted: “While the intention is to make extending property easier as a fellow investor, my concern is costs rising in 2024.
“My advice is to do your homework on the changes and remember to budget generously. Things may take longer and cost more than you initially expect.”
Paying attention to the rules is key to avoiding minor miscalculations that can derail a project and cost homeowners thousands of pounds.
House sales are expected to rise by 10 per cent as buyers and sellers return to the property market in 2024.
Activity across the property market will likely increase in 2024
PA
“The momentum in new sales being agreed has been building for the last five months and the sales market is on track for 1.1m sales over 2024 supported by new sellers coming to the market.
“More sales and more sellers show growing confidence amongst households and evidence that four to five per cent mortgage rates are not a barrier to improving market conditions.”
It comes as Rightmove discovered that the average house price had jumped by £3,000 in February on the previous year.
The increase was put down to mortgage rates remaining stable following a surge that caused uncertainty at the beginning of 2023.