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Longridge: 01772 783314 Garstang: 01995 602129 Lancaster: 01524 581306 Lytham: 01253 202452  
A sign with two arrows saying "buy" and "sell"; our Conveyancing Solicitors in Preston discuss the evolution of the property market from 2020 to 2024, and anticipated changes this year.
Our Conveyancing Solicitors in Lancaster have first-hand experience of the changed Conveyancing landscape occurring at the start of the 20s, and in this blog, Chloe Cardwell discuss these changes, and how the property market will, hopefully, continue to evolve. 

Fixed-fee Conveyancing Solicitors

MG Legal's leading Conveyancing Solicitors in Lancaster offer all of our Conveyancing services on a clear, fixed-fee rate.  
 
Our team put your first, and work with care to ensure that your wishes are met. Call us today on a free, no-obligation basis at: 01524 581 306. 
Get in touch today to speak to our Conveyancing Solicitors in Lancaster. 
The onset of the COVID-19 pandemic in early 2020 had a profound impact on the property market across the United Kingdom, including England and Wales. Initially, there was a sudden drop in market activity due to lockdown measures hindering the process of buying and selling property. However, this was quickly followed by a surge in transactions as restrictions eased and buyer demand shifted, with some people facing financial betterment during the initial stages of the pandemic, fixing up their current homes, and finding time to save money by not spending by going out. 
The demand for larger homes, especially detached houses, saw a significant rise, driven by the newfound need for space and remote working capabilities. This shift led to an overall increase in UK house prices by 20.4% from January 2020 to December 2022, marking a notable contrast to the 7.8% growth in the previous three years. Wales, in particular, experienced the strongest house price growth among UK regions, with a 29.3% increase. 

Why choose MG Legal Solicitors? 

No hidden fees.

Transparent fees. 

Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis. 
We are the experts

We are the experts. 

Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you. 
Regular Communication

Regular communication. 

When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates. 
Multiple Office locations.

Multiple office locations. 

If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience. 

The Property Market in 2023 

By 2023, the property market landscape began to show signs of change. In England, the average house price saw a decrease of 2.1% over the 12 months leading up to December 2023. This was a slight improvement from a more significant decrease earlier in the year. Wales experienced a similar downturn, with average prices falling by 2.5% in the same period. However, Scotland and Northern Ireland bucked the trend with increases of 3.3% and 1.4% respectively. Notably, the average house price in London saw a significant decrease, highlighting regional variations within the market. 

Predictions and Trends for 2024 

As we enter 2024, there are signs of renewed momentum within the UK housing market. Rightmove reported the strongest start to the year since 2020, with average asking prices rising by 1.3% from December to January, which is more than double the typical increase for this period. In addition, the number of agreed sales and buyer demand saw notable increases in early January 2024 compared to the previous year. This resurgence can be attributed to several factors, including a decrease in average mortgage rates from their peak in July 2023, which has helped to make mortgages more affordable. However, as the year progresses, we could potentially see a dip in the market, due to ongoing financial pressures caused by COVID and the cost of living crisis. 
In conclusion, the property market in England and Wales has experienced significant shifts from 2020 to 2024, initially spurred by pandemic-induced changes in buyer preferences and subsequently influenced by economic factors and regional differences. As our Conveyancing Solicitors in Lancaster move further into 2024, we hope to see a continued growth in the market, with more people becoming first time property owners, or selling their house and moving into their forever homes, or purchasing investment properties. If you’re selling or buying property, instruct our expert Conveyancing Solicitors in Lancaster by calling 01524 581 306 or email property@mglegal.co.uk. 

Why choose MG Legal, Conveyancing Solicitors in Lancaster? 

Clear, fixed-fees 

Fully-Qualified Conveyancing Solicitors 

Tailored Service 

Multiple Office Locations 

Decades of Experience 

Home Visits 

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