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UK Housing Market Expected to Rise in 2024!

Dreaming of living in a Skipton Properties home? It may be more reachable than you think!

In recent news from The Guardian, a top estate agent shared that UK house prices are likely to go up in 2024, defying earlier expectations of a decline. This boost is thanks to a competitive mortgage pricing battle and the anticipation of interest rate cuts by the Bank of England, sparking renewed interest in the property market.

After a year of prices falling in 2023, global property consultancy Knight Frank has changed its prediction. They now expect UK house prices to increase by 3% in 2024, overturning the earlier estimate of a 4% drop.

Against a backdrop of decreasing inflation and growing excitement about potential interest rate cuts, Knight Frank believes that the recent increase in mortgage approvals will lead to a significant rise in property transactions. They predict a potential increase of at least 10% in transactions throughout the year.

Adding to the positive outlook, the online property website Rightmove reports a considerable rise in asking prices for new sellers. Between December and January, asking prices went up by an average of 1.3%, equal to 拢4,571. This increase is the most significant for this time of year since before the pandemic, suggesting a strong and thriving UK housing market in 2024. Stay tuned for more updates on this exciting development!

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Mortgage news 馃彙 Danny Belton, Head of Lending at Mortgage Advice Bureau, said, 鈥淭he launch of a host of new lower rates is a welcome boost to those looking to buy or remortgage, especially after a challenging 2023. While we have started 2024 positively with a few rate reductions, by May, we could see the first base rate cut, assuming conditions have continued to improve.”

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