Transaction niggles and EPCs set to dominate 2024 market - predictions

Energy efficiency and “transaction niggles” are predicted to be key themes of 2024 for agents, buyers and sellers.

Buying agent Stacks Property Search has made some bold predictions for 2024.

One of its agents, James Law, warns of an increase in ‘gazundering’, ‘chiselling’ and ‘renegotiating’. 

He said: “Call it what you like, any unreasonable and last-minute strategies to get a property, or some of its contents, for less than has been agreed, leads to loss of goodwill and the waves of bad karma will continue through the finalisation of the transaction and way beyond. The fallout can be huge, especially if the vendors stay local.

“Purchasers should go into the new year with a resolution to treat vendors as they would like to be treated themselves.”

Buying agent Rachel Johnston said: ““The younger generations are consciously active in looking to future proof the planet and their lives and demand will increase for well insulated properties with key environmental features.

“Developers need to catch up with demand; while there are some niche developers that are doing everything right, most developers are doing the minimum that is required of them by law. Anybody buying a new property should check developers claims carefully.”

Fellow agent George Barkes said buyers will be more focused on Energy Performance Certificates.

He said: “Nobody used to pay any attention at all to EPCs, but today’s buyers are all over them. A year of high oil prices has taken its toll; buyers are concerned about insulation and running costs and they’re concerned about resale values and difficulties.

“We will see an increase in vendors getting an EPC done as soon as they think about selling to give them a chance to raise the rating to a better level. We will start to see buyers getting very twitchy about an EPC rating that’s lower than a C. 

“Retro-fitting property will become more widespread. As the industry evolves, prices for adaptations will inevitably start to fall, and better environmental solutions will be developed.”

One more left-field prediction comes from Anto Clay, who said: “In these days of increasingly complicated family arrangements, two properties next door to each other can be so much more useful than one larger one. We are seeing a growing trend for the concept of living ‘separately together’, retaining their independence whilst sharing elements of their day to day lives. 

“Knocking through from one house to the other allows for living together without living on top of each other. Having said that, it doesn’t necessarily guarantee success, think Tim Burton and Helena Bonham-Carter.

“It can also work really well for separated couples who share children. The arrangement can be fantastic, helping with child care, and making splits easier for children to cope with whilst allowing for extended family living. It is of course important for everyone to be clear about the boundaries. Just because there’s an inter-connecting door, there shouldn’t necessarily be the assumption that it can always be used.”