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02 Jan, 2024

2024 Property Market Predictions

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    UK Housing Market Predictions for the Next Year

    2023 has been an eventful year for the UK property market.

    Property price growth has been subdued over the past twelve months, with some areas in the South registering negative growth, while there has been modest growth in other areas such as the North West and North East.

    In contrast, rental growth has exploded across the country, while supply has been even more stretched by the massive demand for private rental properties.

    Those thinking of investing in buy-to-let in the coming year may be curious about what might happen to the UK property market in 2024.

    We’ve put together some property market predictions for 2024.

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    UK Housing Market Outlook in 2024

    Faced with skyrocketing interest rates and the turbulence caused by the cost of living crisis, the property sector has held up rather well.

    According to research by Savills, annual drops are expected to plateau at 4% by the end of 2023, leaving the total value drop since 2022 at around 7%.

    Last year, Zoopla’s 2023 forecast suggested that the average asking price for new sellers would fall by 2%. These prices are 1.1% lower compared to 2023 – just above £355,000.

    Despite some reservations, recent data suggests that the housing market in the UK has performed much better than anticipated. But what does the future have in store?

    Savills’ report predicts that 2024 will remain somewhat subdued, with Northern areas performing better than the South.

    Beyond 2025, the market outlook seems optimistic, with healthy growth returning to Northern regions in 2026. The UK average growth forecast for the next five years to 2028 is 17.9%. Read more about the UK interest rates chart with our handy guide!

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    New Year Predictions for 2024

    Our writers spend all year researching and examining the property market. So, as a Christmas treat, we’re each giving a property market prediction for what may happen in the coming year.

    (Note: The following insights are based upon external analysis)

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      ‘Price Drops Likely to Remain Subdued’

      Many experts predicted a drop in house prices throughout 2023, but estimates for the end of the year show a relatively subdued fall, unlike last year’s projections. The main consensus is that whilst prices are likely to fluctuate, it is entirely possible that the market will survive without any long-lasting or apocalyptic effects.

      Zoopla believes that the housing market is unlikely to experience the substantial popularity boom witnessed between 2020 and 2021, but a continued increase in activity from 2023 will likely result in a satisfied buyer market.

      This data shows the market will likely see a modest 1% decrease in prices in 2024, with the underlying level of solid demand making a severe price cut highly unlikely.

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        ‘North Will Continue to be More Attractive to Investors Than South’

        While it’s true that there will always be a certain amount of prestige attached to the London property market, housing prices have become too high for most investors to attain a worthwhile return on investment. This has made investing in property in London less attractive in recent years.

        According to the HM Land Registry, the property market in 2023 has been subdued overall. Their data shows that negative growth has been observed in markets in the South, but many parts of the North managed to avoid dips and register modest growth instead. The North’s appeal has led investors to turn to investment properties in Manchester, for example, or other major cities like Liverpool.

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          ‘Rental Growth Should Continue on Upward Trajectory’

          Rental growth should continue on an upward trajectory throughout 2024. The UK rental market has been characterised throughout 2023 by a chronic supply imbalance that has driven up rents at an unprecedented rate.

          Zoopla suggests that more landlords will likely enter the market as mortgages come down. But this won’t affect the pace of rental growth, which has been predicted to keep rising in regional areas, while it will slow down in London, where peak affordability has been reached.

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            ‘Off-Plan Trend Will Take Off’

            Mortgage rates have soared this year, putting some potential landlords off jumping into the property market. According to Rightmove, buy-to-let mortgages usually have a higher interest rate than a standard residential mortgage.

            In this landscape, off-plan has emerged as an alternative to a mortgage when buying rental property. Off-plan properties are significantly cheaper than fully-built properties, and developers often offer flexible payment plans.

            This also coincides with the recent trend towards investing in build-to-rent, as developments hit a record high in 2023. Off-plan gives the chance to invest in cutting-edge build-to-rent developments at a more affordable price and gives more flexibility in how investors pay.

            If you’re curious about the different property investment hotspots that the UK has to offer, check out some of our latest buy-to-let guides:

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            Jessica Ferris

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            Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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