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!
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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