However, as inflation began to steadily fall, mortgage products improved and the year ended in a positive fashion.

In the last quarter of 2023, there was a significant uplift in the volume of clients wishing to launch their property to the market in the spring /summer of 2024. This increased level of stock should improve transaction levels, with a large number of buyers, some in rentals, still  looking for a home following the pandemic.

Already at the start of 2024, we are finding that there is a good level of activity in the Cotswolds residential market. Across our three offices, we are busy, the phones are ringing and serious buyers are taking advantage of price reductions on any stock that is still available. We anticipate that sale prices will strengthen as the market reactivates.

Hopefully, inflation will continue to fall and alleviate some of the financial burden on buyers. Properties needing renovation should become more desirable again if the cost of building products reacts to this fall. The strongest performers will continue to be the immaculate, hassle free properties, as has been the case for much of 2023 and earlier.

It would be foolish to ignore the crisis and widening conflict in Gaza and the Red Sea, which can be expected to have adverse repercussions for the UK economy in terms of the increased cost of imported goods. This is in addition to the conflict in Ukraine. The residential market in the UK, and here in the Cotswolds, is unlikely to remain entirely unaffected.

There will be a pause at some point in the year when the date of the General Election is announced. Traditionally, this pause does not affect values, but until the certainty of the result, buyers find this is an excuse to be indecisive! However, as the signs from Westminster all seem to indicate an election in the autumn of this year, one can be optimistic about a decent spring to early summer market.

For all property related advice, contact Sam Butler, Butler Sherborn, on 01285 883740 or sam@butlersherborn.co.uk