An overview of the property market in 2024 from Sean Hooker
If the property market thought that 2024 would be a consolidation year, with markets stabilising and businesses being able to plan and move forward, then think again. It was, instead, another year of uncertainty and volatility, with some businesses thriving and some not barely surviving.
The outcome of all these events is a sector where costs are rising, margins are tighter and the market more unpredictable.
The causes of this are varied but as outlined by Lord Palmer, the big event was the change of government and rather than the sector having to get prepared for one set of reform proposals, there is a new version of the changes being pushed through, with associated challenges these will involve. The other major factor that affected the market, is the economy and the era of higher mortgage rates and a more testing environment for the buy to let sector will remain the signatures for all property agents for the foreseeable future. Property managers for long-term residential leaseholds are also in the midst of change and reform and the last-minute passing of the Leasehold and Freehold Act, the continuing building safety regulations and with more reforms promised for the future, they face navigating uncertainty.
What is clear, however, is that the cumulative effect of all this is a rise in complaints by consumers. We have seen this on the ground, not just in terms of the volumes of complainants raised, but also the underlying frustrations of consumers expressed within their complaints. Our membership base hit a record high last year, but even factoring this in, the ratio of complaints rose in terms of volumes to members.
At Property Redress, we offer market leading resolution times and satisfaction levels based on figures provided by all dispute resolution services. We are very proud of this and feel it is important that the industry understands that the service we provide is premium.
The resolution figures shown later in this report speak for themselves; however, the end of 2024 saw us undertake a major revamp of our website to enhance the user experience and ensure a more efficient and effective pathway, through the process. We also increased our guidance to both our agents and complainants and this has allowed us to manage expectations of what the service can deliver and to more effectively signpost consumers, where we cannot necessarily help. All of this was accompanied by a rebrand, with a clean new logo and simplified name, making it clear who we are and what we do.
The investment we have put into our early resolution process, continues to yield a high percentage of success and this has led to quicker and more satisfactory outcomes for both consumer and agent.
Finally, I cannot end my report without acknowledging our significant ten year anniversary and providing a few thank yous to those who have contributed to our success.
I would like to highlight the contributions of Suzy Hershman, our Resolution Lead, Charlotte Flashman, our Senior Case Officer, Mike Morgan, our Membership and Compliance Lead and the leadership provided by Tim Frome as Head of Government Schemes.
I would also like to thank those people who have served on our panels, both under the leadership of Lord Monroe Palmer and now Eric Walker for their wise counsel and real world experience.
