Dentons held its prestigious annual Real Estate Market Predictions event at which our panel of esteemed experts provided their forecasts on the anticipated trends and developments in the property market for 2024. This report integrates that unique insight with our own views to offer a comprehensive perspective on the year ahead.

Keynote speaker Walter Boettcher (Head of Research and Economics, Colliers) and our panel Ben Chittick (Head of European Asset Management, Harrison Street), Madeleine McDougall (Head of Real Estate & Housing, Lloyds), James Stevens (Head of Investment – Global Real Estate, Aviva Investors) and Jane Stockdale (Head of European Capital Markets, Heitman) joined Dentons' Rob Thompson to discuss the anticipation of market trends in 2024.

Reflecting on the sentiment that might have prevailed had this event taken place in December 2023, it is likely that both our panellists and participants would have expressed a more cautious outlook. However, as we move into 2024, there is a palpable sense of optimism, driven partly by the prospect of a fall in interest rates. Confidence in the market is on the rise, but it is contingent on a sustained period of stability. Hence, the theme for 2024 could well be characterised as “ready, steady…go!” with the big question being who will signal the starting siren and when.

Ready

The cumulative impact of 2023’s market dynamics prompted a widespread adoption of a “wait and see” approach. In doing so, this has set the stage for a potential market acceleration in 2024. This pent-up readiness can be seen in the uptick in enquiries from 2023 onwards from parties eager to capitalise on this year’s market potential. 

Steady

2024 is poised to be a pivotal year for global democracy. More than 2 billion voters will be casting their votes in elections across 60 nations.* One of those nations is, of course, the UK. 

Go

The big question in the room was when interest rates are going to be cut. This was unsurprising given how interest rates permeate market dynamics by impacting, for example, the cost of debt and asset allocation (why would you put money into real estate if you can get comparable returns on other asset classes with less risk?). 

To hear more, view our 2024: Ready, steady... go! Dentons UK Real Estate Market Predictions 2024