House prices in UK 2024
It has been a difficult couple of years for house prices in the UK, with Brexit and the pandemic causing uncertainty and instability. But what does the future hold? As we head into 2024, there are some predictions about how house prices will fare over the next few years.
In this article, we’ll take a look at some of the factors that will likely affect house prices in the UK in 2024. We’ll discuss changes to mortgage rates, affordability, supply and demand, and other economic indicators that may impact home values in the coming year.
Read on to learn more about what you can expect from UK housing markets this year.
What will happen to UK house prices in 2023?
The average UK house price has risen by £55,000, almost 23%, to a record high of £293,992 since the pandemic started in March 2020.
According to Halifax predictions, next year's 8% drop forecast is equivalent to the value of a typical UK house in April last year, so homeowners will not lose all their pandemic gains. According to Zoopla's forecast, UK house prices will fall by 5% in 2024. There will not be losses in every market, but if you're in a market that does, you might be able to negotiate a lower price if you buy within the next year. Mortgage availability remains another key factor influencing house prices. The Bank of England’s decision to raise interest rates in November 2017 has increased mortgage rates.
Why are house prices falling?
There are a number of reasons why house prices in the UK are falling. The most significant factor is the ongoing economic uncertainty, which has led to a decrease in consumer confidence and a reduction in demand for homes. This, combined with the current oversupply of properties on the market, is putting downward pressure on prices. Other factors that have contributed to the falling prices include stricter lending criteria from banks and building societies, and an increase in stamp duty for buy-to-let investors and an increase in the interest rate.
When is the right time to buy a property in the UK?
There is no definitive answer to this question, as the right time to buy a property in the UK will vary depending on individual circumstances. However, some general tips may help you decide whether now is a good time to buy:
-Consider your long-term plans: Are you looking to buy a property to live in for the foreseeable future, or do you plan on selling it in a few years? If you're planning on staying put for a while, then timing your purchase around market conditions may not be as important.
-Do your research: Familiarise yourself with the current housing market conditions in the areas you're interested in. This will help you gauge whether prices are rising, falling or stagnating, and give you an idea of how much bargaining power you have when making an offer.
-Get your finances in order: Make sure you have a realistic budget and are aware of all the associated costs of buying a property (e.g. stamp duty, solicitors' fees, surveyors' fees). Getting pre-approved for a mortgage can also give you an advantage when competing against other buyers.
-Be prepared to act fast: If you find a property that meets your needs at a price you're willing to pay, be prepared to move quickly. In a competitive market, properties can receive multiple offers and go under contract very quickly.
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Contact us today, Online Land Registry provides you with all the information, such as property ownership details, deeds and other documents you need to consult before buying a property.
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