Three quarters of property professionals are confident that 2024 market conditions will be no worse than those experienced in 2023, new research from Countrywide Surveying Services (CSS) has suggested.
A webinar poll undertaken by the valuation panel management provider revealed that two in five (40%) property professionals are “mildly confident” that 2024 will be better than 2023.
The responses emerged at the latest CSS webinar series which used the halfway point of 2023 as an ideal time to pause, consider what’s happened to market, and then to discuss the future. Over 300 people actively engaged with the session, with the audience consisting of lenders, brokers, surveyors and other property professionals.
In total, 6% of respondents expressed that they are “very confident”, while 27% said they are expecting market conditions to be “much the same”. By contrast, 24% of respondents were ‘not confident’ that conditions in 2024 would be more favourable than those in 2023 with 3% forecasting that they will be ‘much worse’.
A further poll taken during the webinar asked how hopeful attendees are for the rest of 2023, with the results showing that 48% were “mildly pessimistic” and 24% “mildly hopeful”. Another 21% reported being “neither hopeful nor pessimistic”, 4% were “pessimistic”, while 2% were “very hopeful”.
The panel was hosted by director of technical, risk and compliance at CSS, John Baguley, and he added: “The results of these polls are indicative of current market sentiment, economic uncertainty and the impact of rising interest rates.
“However, what we can glean from this highly interesting and informative discussion is just how robust the mortgage and housing markets are, despite experiencing huge amounts of pressure from various directions over the course of the past 12 months.
“A plentiful amount of enthusiasm and positive energy still courses through the industry, with many businesses and individuals working extremely hard to deliver a range of innovative solutions to help overcome some of the obvious challenges we are likely to experience in H2 2023 and beyond.”
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