After a pretty stagnant year for the housing market, Wokingham estate agents say that 2024 is predicted to be considerably better for buying and selling properties.

However, there seems to be a considerable level of uncertainty about how the lettings market will face up due to potential new legislation.

Senior Negotiator at David Cliff Estate Agents Lewie Hastings said that despite 2023 being a fairly flat year, they are still very busy.

“We have had 18 offers this month,” he said. “And nine of those are now agreed sales. A seller has actually just accepted an offer.”

Mr Hastings said that Wokingham is a very affluent area, and that people don’t tend to leave. “It’s its own little bubble,” he said.

Despite the usual lull of the housing market during the later months of the year, Mr Hastings said that they are still making a large number of sales.

“Stuff is still selling, and we have clients lined up for next year,” he said. “We are feeling positive for 2024.”

He continued: “We think interest rates will go down, I wouldn’t be surprised if there’s a brief blip where they go up, be for the most part they should be down.”

Eltjon Pupla from Hunters Estate Agents agreed that 2023 has been a pretty stagnant year but has also found that business has recently picked up.

“We all know what has been happening this year,” he said, referencing the cost-of-living crisis. “But September and onwards has been good for us.”

Mr Pupla stated that he thinks 2024 will have a “positive start,” and said that Wokingham doesn’t see many price reductions.

He said: “We are looking forward to moving into 2024. We are starting to see more evaluations and we are already booking appointments for January.”

However, Mr Pupla did say that people are cautious with regards to letting their houses due to the general elections.

“We are unsure if the current letting reforms will go ahead,” he said. “A new government may remove the whole thing.”

The new proposed changes to Lettings in the UK could mean that landlords find it more difficult to vacate tenants.

They will also have to register themselves on a portal that is regulated by the government. The tax that they can claim as a landlord is changing as well.

Lettings agent Mel Holton from Northwood Estate Agents said: “Lots of landlords are currently having to sell due to the suggested changes.

“The increasing costs due to the proposed legislation means that many are having to rethink, and a lot depends on what their mortgages are.”