As we near the watershed at the end of the year, let’s look back for a second and remember that generally, transaction numbers were down, and the time taken for each one was significantly elongated. But what will 2024 hold for the housing market?

Next May’s local elections will be a predictable bloodbath for the Tories, and I am sure that their parlous poll rating deficit of 20% will be unaffected and could well provide a landslide victory for the Labour Party in the autumn 2024 General Election, particularly if the SNP do badly in Scotland.

I don’t see any dramatic changes in residential property values next year, which I think will continue to move sideways until there is an appreciable interest rate cut, when things could improve a little.

Buit I am sure there will be some token tax bribes in the Spring Budget, which will provide short term respite for the beneficiaries, but I doubt whether this will have any effect on the electoral outcome for the Tory Party, who do appear more like the Marie Celeste than the potential winner of the Admiral’s Cup.

Palpable

If inflation continues to fall towards the 2% optimum target, it will definitely lift sentiments and should the base rate start to fall, the knock-on effect on mortgage interest rates will be palpable.

Although property has always tended to be the safe bastion against inflation, it is interesting to note that recently Glentree sold a notable property in northwest London at the same price for which it was bought in 2006 and this is not uncommon.

Elderly sellers of family homes are now choosing to rent long-term, as opposed to buying, which is a substantial change to the mindset that was the case a few years ago.

Maybe we are entering an era of flatlining property inflation rather than the unsustainable rises of yester year.  This will please the first-time buyer sector which is struggling to get a foothold into property ownership and away from renting.

Taking all things into account, let’s hope next year is reassuringly unremarkable, which seems to suit most palates in this febrile environment.

With all the conflict that exists in the world, let’s hope that in ‘Blighty’ we enjoy a period of calm and reflection.

May I take this opportunity of wishing you all a happy festive time and a healthy and prosperous 2024.

Trevor Abrahmsohn is MD of estate agency Glentree Estates.