It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Kevin Tunnicliffe, CEO of the Sort Group.
2023 was a rollercoaster of a year for the property industry, with numerous challenges ranging from high inflation and multiple Bank of England interest rate increases to escalating mortgage rates and the cost-of-living crisis. These factors led to an inevitable reduction in the number of homeowners buying and selling and impacted on various areas of the sector including mortgage brokers, estate agents and conveyancers.
Overall, I think the industry will remain flat in 2024, with a potential return to normality in 2025. However, this all depends on what happens in relation to the main factors facing our industry this year.
The burning questions are whether mortgage rates will continue to drop, and the cost-of-living crisis start to improve and whether inflation will stabilise. Other factors likely to affect the property industry include the possibility of a general election, whether people will be less reluctant to move house, and the
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