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UK housing market set to rise by 3% in 2024 despite economic resilience

UK housing market set to rise by 3% in 2024 despite economic resilience

Posted on January 22, 2024   |  

UK house prices are set to grow by 3% in 2024, defying earlier predictions of a decline, driven by mortgage competition and expected Bank of England interest rate cuts.

Following continuous price decreases in 2023, the revised forecast contrasts with the initial projection of a 4% decline.

Anticipated Bank of England interest rate cuts, coupled with diminishing inflation, are expected to result in a significant 10% or more increase in property transactions throughout 2024.

Asking prices for new sellers increased by an average of 1.3% (£4,571) between December and January, marking the most substantial rise for this time of the year since before the pandemic.

Intense competition in the mortgage market and widespread anticipation of interest rate cuts have prompted a reassessment of house price forecasts, bringing optimism to the property sector.



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